Morrisons back in FTSE 100 while Paddy Power is up on the rails
Supermarket chain Morrisons is back in the FTSE 100, following a rise in its share price, just three months after leaving the top group. Other joiners include and Paddy Power Betfair.
Sports Direct, Smiths Group, Hikma Pharmaceuticals and Aberdeen Asset Management leave the ranking. The list of top 100 companies is redrawn every three months to reflect changes in companies’ market values.
A rise or fall in the share price is multiplied by the number of shares in issue to assess a companies’ market worth.
Once a company enters the list, its share price can receive a further boost from index tracker investment, which has to include all the shares in the top 100, and other investment vehicles that favour the best-known and biggest company shares.
Sports Direct shares have been a poor performer this year, losing 27% since the start of the year.
Aberdeen Asset Management’s shares have lost 10% since the start of 2016, as the fund management firm has been affected by a fall on emerging markets. The changes will be implemented on 21 March.