Last checked at 
(Alliance News) - No mid-cap stock will break into London's FTSE 100 blue-chip benchmark at the next index review, according to indicative changes provided by FTSE Russell on Tuesday.
With no one predicted to leave the FTSE 100, the indicative changes placed greater focus on changes in the FTSE 250 index.
Greeting card seller Moonpig Group PLC and bookmaker 888 Holdings PLC are tipped to leave the mid-cap index. They are likely to be replaced by Ithaca Energy PLC and SThree PLC.
Moonpig in early December posted weaker first-half profit. Concerns about the cost-of-living crisis, coupled with a decline in online demand after a pandemic-induced boom, have hurt its trading. The stock tumbled some 9% on December 7, the day it reported its interim profit fall.
Its share price performance in the early weeks of 2023 is nothing to write home about either. The stock is up just 0.6%. Shares fell 2.9% to 110.93 pence each in London on Tuesday. It has a market capitalisation of GBP380.8 million.
Moonpig's stock is flat year-to-date but 888 has tumbled 18%. That includes a horror 27% share price dive on January 30. After falling 0.2% to 71.89p per share on Tuesday, the company's market value now stands at GBP314.9 million.
888 in late-January said its chief executive has left the company immediately, with the online gaming operator also reporting it has suspended some activities in the Middle East amid a customer compliance probe.
The departure of CEO Itai Pazner comes just over two weeks after the company announced Yariv Dafna would step down as chief financial officer. Dafna is to leave 888 at the end of March.
The suspension of VIP activities in the Middle East region came ahead of an "outcome of an internal compliance investigation".
Following an initial review, 888 said some of its units in the Middle East region have fallen short in know your client and anti-money laundering compliance measures. 888 said it currently believes the issues are "isolated to this region only".
Ithaca Energy's possible FTSE 250 promotion comes just months after it returned to the London Stock Exchange.
The UK North Sea exploration and production company, which had delisted from AIM in 2017, returned to the public market in November 2022. It made its Main Market debut with a market capitalisation of GBP2.5 billion, having priced its initial public offering at 250p.
While the stock has fallen since, its current market value of GBP1.82 billion makes it a promotion contender. The stock fell 3.4% to 180.20p each in London on Tuesday. It is down 28% from its IPO price.
Staffing company SThree is also set for FTSE 250 promotion, according to FTSE Russell. The stock has climbed 7.4% so far this year.
Shares closed flat at 442.94p each on Tuesday. It has a market capitalisation of GBP594.3 million.
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.
By Eric Cunha, Alliance News news editor
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
