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    KL1 Radio Local Radio for West Norfolk

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    EPISODE 35 OF THE FARMING SOCIAL HUB PODCAST

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    Christians Against Poverty – Kings Lynn Francis Boekee

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ITV and Morrisons set to swap places in FTSE reshuffle

todayAugust 29, 2021 1

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ITV and Morrisons set to swap places in FTSE reshuffle.

ITV looks set to continue its yo-yo trip in and out of the FTSE 100 next week, while takeover bids for Morrisons and Meggitt will push them back into the index.

ITV looks set to continue its yo-yo trip in and out of the FTSE 100 next week, while takeover bids for Morrisons and Meggitt will push them back into the index.

FTSE Russell, the arbiter of who gets to stay in the UK’s biggest stock market index and who drops out, will announce the latest reshuffle on Wednesday.

The decision will be based on the value of each company at the end of Tuesday.

As it stands now, analysts think that Morrisons and Meggitt are due a promotion into the index. They will pass ITV and Weir Group, which are expected to drop into the FTSE 250.

“Love Island may be back but broadcaster ITV looks likely to be dumped from the 100 after a short fling, despite the boost of Euros’ ad spend,” Nicholas Hyett, an equity analyst at Hargreaves Lansdown, said.

ITV was relegated from the 100 in September last year, promoted again in June, and an 11% drop in its share price will likely see it demoted back to the 250 in September.

“Engineer Weir Group has also suffered a dip of 11% over the last three months and relegation would also represent a short stay in the premier index, having been promoted in March,” Richard Hunter, head of markets at Interactive Investor, said.

But unusually the normal relegation contenders will be joined by Just Eat Takeaway.com as the food delivery firm is still on the fence about where it wants to be based.

FTSE Russell said it will review Just Eat Takeaway.com’s position.

When London-listed Just Eat merged with Amsterdam-listed Takeaway.com, the plan was to de-list from the Dutch exchange.

However, in July the business said that it is still reviewing how it wants to be listed, and warned that it might be removed from consideration by FTSE Russell.

This will mean that Dechra Pharmaceuticals looks set to join the FTSE 100 instead, Mr Hunter said.

Dechra might prove a longer-term resident of the top league than its two other promoted peers.

Morrisons has a bidding war to thank for its promotion. Two private equity groups have been battling to take over the supermarket chain, sending its shares soaring.

This means that its stay in the FTSE 100 is likely to be short-lived as once a deal has been completed, Morrisons will become a private company and delisted from the FTSE.

The same goes for Meggitt, which is facing similar approaches from two different suitors.

Published: by Radio NewsHub

Written by: admin

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todayAugust 29, 2021


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