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Pin to quick picksHarbour Energy Share News (HBR)

Share Price Information for Harbour Energy (HBR)

London Stock Exchange
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Share Price: 307.20
Bid: 305.00
Ask: 305.80
Change: -3.90 (-1.25%)
Spread: 0.80 (0.262%)
Open: 319.90
High: 319.90
Low: 302.90
Prev. Close: 311.10
HBR Live PriceLast checked at -

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TOP NEWS: abrdn tipped to return to FTSE 100, Harbour to drop out

Wed, 23rd Nov 2022 06:22

(Alliance News) - A short time after being booted out of London's flagship stock market benchmark, abrdn PLC may return, according to indicative index changes provided by FTSE Russell on Tuesday.

The investment company is expected to be joined among London's FTSE 100 by engineering company Weir Group PLC. Veterinary products firm Dechra Pharmaceuticals PLC and oil producer Harbour Energy are indicated to drop out of the FTSE 100, according to FTSE Russell.

In the FTSE 250, Digital 9 Infrastructure PLC is indicated to join, at the expense of gambling firm 888 Holdings PLC.

The indicative changes are based on market capitalisation on Friday. The results of the upcoming index review will be released next week Wednesday, using data as at market close on the day before.

abrdn dropped out of the FTSE 100 in September, following results from a quarterly index review announced on August 31. Since the results of that review were announced, the stock has risen 35%.

Based on market data as of Tuesday, it is the largest FTSE 250 constituent with a market capitalisation of GBP4.14 billion, behind insurer Beazley PLC's GBP4.32 billion and Weir's GBP4.59 billion.

Weir itself dropped out of the FTSE 100 in September 2021, rounding off a short stint among London large-caps. It had only joined in March 2021.

With market values of GBP2.51 billion and GBP3.13 billion, Harbour and Dechra are the smallest FTSE 100 constituents.

Windfall tax fears have hit Harbour's stock. Shares are 34% lower since the start of September. They rose 4.7% on Tuesday, however.

Dechra, meanwhile, has lost 22% since the end of August. The company has struggled to match pandemic-boosted earnings growth since Covid-19 restrictions have eased.

Digital 9 Infrastructure suffered an 11% share price fall on Tuesday, giving it a market capitalisation of GBP775.4 million. The investment fund. focused on digital infrastructure, has a larger market value than around 50 London-listed mid-caps, including 888's GBP436.5 million.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

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