19 Sep 2014 05:25
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Don't have an account? Click here to register.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.
More News
18 Sep 2014 15:23
18 Sep 2014 12:54
Oil, Life Insurance and Banking would pay steepest price for independence, Liberum says
In a research note published on Thursday afternoon Liberum explains to clients that in the event of Scotland voting in favour of independence then the worst affected sectors would be: Oil, Life Insurance and Banking. The analysts base their call on what happened following the mini-scare of 8 Septemb
Read more18 Sep 2014 05:23
17 Sep 2014 16:50
London close: Stocks end slightly off ahead of Fed
An injection of liquidity into Chinese banks failed to lift UK stocks on Wednesday, as investors treaded cautiously before a policy decision from the Federal Reserve. The FTSE 100 finished the session lower by 0.17% at 6,780.19, down from the 6,792.24 seen on Tuesday, its lowest close since 22 Augus
Read more17 Sep 2014 15:01
17 Sep 2014 14:30
Sector movers: Tech stocks sparked by Imagination
Technology stocks were on the rise on Wednesday as a well-received update from chipmaker Imagination Technologies gave the sector a boost. Imagination's shares were up 5.6% at 199.6p in afternoon trade after the company reassured investors that "progress will continue in line with its expectations"
Read more17 Sep 2014 13:13
Broker tips: Imagination Technologies, IG Group, ASOS
A corner is being turned at Imagination Technologies after an in-line first quarter, according to Investec, though the broker kept a 'hold' recommendation on the stock ahead of an uncertain second half. "While there is a sense of a corner being turned after a torrid 18 months, we remain on 'hold' be
Read more17 Sep 2014 11:49
17 Sep 2014 11:46
London midday: Miners lead UK stocks higher as investors await FOMC
Stimulus measures in China helped UK stocks higher on Wednesday with the heavyweight mining sector on the rise, though gains were limited as investors treaded cautiously before a policy decision from the Federal Reserve. The FTSE 100 was trading up 0.15% at 6,803 by midday after settling at 6,792.24
Read more17 Sep 2014 10:14
Imagination Tech turning a corner but Investec stays at 'hold'
A corner is being turned at Imagination Technologies after an in-line first quarter, according to Investec, though the broker kept a 'hold' recommendation on the stock ahead of an uncertain second half. The company said that trading in the licensing division during the first quarter has been good wi
Read more17 Sep 2014 09:41
Market overview: Fed speculation ramps up after CPI data
1630:Close UK stocks ended the session slightly lower, failing to partake in the gains seen elsewhere, as investors maintained a wary attitude ahead of Thursday´s Scottish referendum. Rightly so given the enormous significance of the event for Britain. European markets on the other hand were buoyed
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