Final Lloyd’s of London firm set to leave the FTSE 100
FTSE INTERNATIONAL is expected to confirm tonight that Amlin will be demoted from the FTSE 100, the last Lloyd’s of London insurers to leave the index.
Based on last night’s share prices, pub company Whitbread and power station operator Drax Group are likely to join the insurer on the FTSE 250.
Predicted to move back up to the FTSE 100 from the FTSE 250 are property group Wolseley, private equity firm 3i Group and the London Stock Exchange.
All three companies closed last night at 90th position or above, by market capitalisation, on the FTSE 350 – the criteria for promotion.
Amlin, Drax and Whitbread did not finish below the threshold of 111th position, but would move down in order to balance the indexes.
Kirstie Gordon, insurance Specialist at BDO Stoy Hayward Financial Services said that Amlin’s announcement of a share placing to fund the purchase of Fortis Corporate Insurance has left the insurer unable to maintain its position as one of the UK’s 100 biggest companies.
FTSE will confirm the results of its quarterly reshuffle at today’s market close, with any changes to be applied after the market close on 19 June.