Marks & Spencer’s return to the FTSE 100 after an absence of four years is set to be confirmed tomorrow.
FTSE Russell Group will confirm the changes based on closing prices at the end of today
M&S is a shoo-in for promotion after a stellar year that has seen its share price rise 75% and the clothing and food group win plaudits all around.
Growth in sales and revenues, alongside “unabashedly bullish guidanc” delivered in an “undisputedly tough retail environment” was Deutsche Bank’s recent assessment.
The German bank points to how M&S’s products, both in food and clothing, resonate with consumers supported by investments in stores, online and supply chains.
Hikma Pharmaceuticals, Dechra Pharmaceuticals and components distributor Diploma are likely to join M&S in Footsie.
Of those dropping out, Persimmon was doing its best to save itself at the eleventh hour with a big rise today, but Abrdn’s decline looks unstoppable with Johnson Matthey and RS Group scrapping for the last relegation spot.
FTSE 250 changes
Heading towards the close of play, those moving up to the FTSE 250 included Breedon, Ceres Power, CAB Payments, Moonpig, Foresight Group and 888 Holdings.
Heading down are Molten Ventures, Warehouse Reit, CMC Markets, Capita, Synthomer (LSE:SYNT) and Vanquis Banking.
When is all happening
The results of the index review will be announced tomorrow, 30 August 2023 based on market closing prices on Tuesday, 29 August 2023.
The September index changes will become effective on Monday 18 September 2023.
The next review is on 29 November 2023 for index changes effective 18 December 2023.