British Land Company PLC (LSE:BLND) has been relegated from the FTSE 100, breaking a 21-year run in London’s blue-chip index, after its value was hit by rising interest rates and the disruption caused by last autumn’s mini-budget.
Its place in the top index will be taken by engineering firm, IMI.
The online supermarket and retail technology group Ocado Group PLC had been expected to be demoted but survived in the latest quarterly shake-up announced last night by index provider, FTSE Russell.
London’s premier share index contains the 100 most highly capitalised companies whose shares are traded in London, and is rebalanced four times a year by relegating any company that has fallen below 110th position on the London market.
British Land has been hit by soaring interest rates, which have hurt the UK commercial property market, on top of the move towards home working.
Its shares have dropped by 13% so far this year.
In the FTSE 250, there were promotions for Capita PLC (LSE:CPI), Empiric Student Property PLC, ME Group International PLC, North Atlantic Smaller Cos Investment Trust PLC and Tyman (LSE:TYMN) PLC.
Heading out were Asos PLC, Capricorn Energy PLC (LSE:CNE, OTC:CRNZF), Hunting PLC (LSE:HTG), Tullow Oil PLC (LSE:TLW) and Videndum PLC.