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Hika Pharma promoted to FTSE 100 but Tullow Oil gets kicked out

Thu, 05th Mar 2015 15:01

Hika Pharmaceuticals and Tullow Oil are switching places at start of the second quarter of this year as the FTSE Group reshuffles components across its leading London benchmarks.In its quarterly review, the FTSE Group have outlined which companies have been promoted or demoted from its indices. The decisions are based on a rise and fall in the company's market capitalisation.Companies with the lowest market cap in the FTSE 100 drop into the FTSE 250 and conversely, companies with the highest market cap on the FTSE 250 get promoted to the FTSE 100.In the case of Hikma and Tullow, the market cap for Hikma at £4.94billion, beats that of Tullow's at £3.24bn. That's helped the pharma company wriggle its way into the leading blue-chip FTSE100 index. Hikma floated on the London Stock Exchange in 2005.Companies that get into the FTSE 100 have an opportunity to see the value of their shares increase as the main London benchmark attracts more demand from fund managers, pension funds and mutual funds who all track the index.When the FTSE100 index was launched, the total market cap of the companies was just over £100bn. As of the September 2014 quarterly review, the total market cap stood at £1.79trn.A drop in Tullow's share price after it reported a £1.3bn pre-tax together with lower oil prices and worries about delays in its West African projects combined to hit the company's market cap. The loss in profit was followed by news of a £1.5bn write-off at the beginning of the year. As such, Tullow will have to make the FTSE 250 its new home.Meanwhile, AA, Imagination Technologies Group and Virgin Money Holdings have all booked a place in the FTSE 250. Virgin Money floated in November 2014, raising £500m and valuing the business at £1.25bn. On Thursday, the company reported that it's doubled its profit to £121.2m.Three companies are heading out of the FTSE 250. They include oil producer Afren, video game retailer Game Digital and Oxford Instruments. Afren's share price has slumped since the announcement that it will default on £9.7m of interest payments that were due on 1 Feb.
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12 Feb 2015 17:13

London close: Stocks rise on Ukraine ceasefire, but gains modest

UK stocks rose for the first time in five sessions on Thursday after a ceasefire was agreed in eastern Ukraine, though ongoing concerns about Greece and weak economic data from the States limited upside. Investors were also digesting comments from the Bank of England as it upgraded its UK growth for

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11 Feb 2015 17:06

MARKET COMMENT: UK Shares Suffer As Greek Debt Talks Get Underway

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10 Feb 2015 09:41

UK BROKER RATINGS: Two Brokers Cut Randgold Resources To Hold

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9 Feb 2015 14:36

Taipan Resources Seeking USD10 Million From Afren For Alleged Breach

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9 Feb 2015 13:51

FTSE 250 movers: Miners and oil companies trading higher, Halma hit by downgrade

Halma took its biggest one day fall since May 2010, as JP Morgan downgraded the stock from 'neutral' to 'underweight'. Man Group was among the fallers despite an increased price objective from analysts at Liberum Capital, from 145p to 213p. Polymetal International and Kaz Minerals were putting in d

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4 Feb 2015 17:42

MARKET COMMENT: Retreat In World Oil Price Flattens London Equities

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4 Feb 2015 17:09

London close: Stocks trim losses on Greek hopes, Chinese stimulus

A late rally helped the FTSE 100 to erase most of its losses on Wednesday as optimism surrounding Greece and stimulus measures in China lifted sentiment, though stocks still finished in the red after hitting a five-month high the previous day. London's Footsie ended the session down 0.2% at 6,860.02

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4 Feb 2015 12:08

London midday: Stocks fall, but losses pared after PBoC move

Stocks declined on Wednesday as London's FTSE 100 retreated from a five-month high, though losses were trimmed slightly after China took measures to stimulate its economy. The People's Bank of China trimmed the banks' reserve requirement ratio by 50 basis points to 19.5%, the first such cut since Ma

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4 Feb 2015 11:40

UK WINNERS & LOSERS: Hargreaves Lansdown Hit After Profit Drop

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3 Feb 2015 14:41

Sector movers: Oil stocks rise as crude rally continues, BP impresses

Oil and gas producers were tracking the continued rally in crude on Tuesday, with strong gains from BP supporting the sector. Brent futures for March delivery were up 1.8% at $55.71 a barrel in afternoon trade, rising for the fourth straight session as a mass refinery strike in the States continued.

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3 Feb 2015 14:19

FTSE 250 movers: Oil stocks rise, TalkTalk falls on dissapointing outlook

The news that BP had slashed its investment budget for this year by $4bn-6bn gave crude prices a boost, and in turn oil stocks, as the commodity extended gains made over the last few days on speculation of slowing output. Brent rose 3.9% to $56.86 a barrel, lifted further by ongoing strikes at oil r

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2 Feb 2015 17:32

REPEAT: MARKET COMMENT: UK Shares End Higher As Crude Oil Finds Support

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2 Feb 2015 17:31

MARKET COMMENT: UK Shares End Higher As Crude Oil Finds Support

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2 Feb 2015 17:19

London close: Stocks finish choppy session higher as oil stocks gain, CRH jumps

A late rebound ensured that UK stocks finished firmly in positive territory on Monday, though trading was choppy as investors digested mixed manufacturing data from across the globe and a rebound in oil prices. After swinging between gains and losses for most of the session, London's FTSE 100 closed

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2 Feb 2015 14:50

Sector movers: Energy stocks jump as crude steadies after recent surge

The biggest strike by US refinery employees in three decades and speculation about a slowdown in drilling Stateside helped keep crude prices steady on Monday, pushing energy stocks and oil services shares to the top of the pile in London. The industrial action, coordinated by the United Steelworkers

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