Investment trusts and renewable energy funds were in the spotlight as the latest FTSE index changes were confirmed overnight.
The quarterly index review was decided based on Tuesday's (30 August) closing share prices, with changes to be made ahead of the start of trading on Monday 19 September.
FTSE 100
F&C Investment Trust PLC (LSE:FCIT) will become the fourth closed-ended fund in the blue-chip index, joining Scottish Mortgage Investment Trust, 3i and Pershing Square.
The F&C trust was the first of its kind when it launched in 1868 as the Foreign & Colonial Government Trust, the same year as the last public execution in the UK, when it sought £1mln for a fund investing in a spread of 18 foreign government bonds or fixed interest stocks.
Wound care specialist ConvaTec Group PLC makes its return to the big league after dropping out of the index in 2017, while independent oil and gas company Harbour Energy PLC (LSE:HBR) was the third and final promotion to the City of London's premier league.
Asset manager Abrdn PLC and genetic medicines maker Hikma Pharmaceuticals PLC have both been relegated from London's top-flight index into the FTSE 250.
Hikma slashed its guidance for revenues and margins in its key genetics medicines division, while Abrdn recently fell into the red after a tough half for markets.
Howden Joinery Group (LSE:HWDN) was also demoted from the blue-chip list as the cost-of-living crisis continues to bite, yo-yoing back down after only joining the index earlier in the spring.
Its value has plummeted 30% in the previous six months, having climbed during the pandemic as consumers focused on household renovation schemes in the absence of spending on holidays and other leisure pursuits.
FTSE 250
As well as these three drop-outs, the FTSE 250 will also welcome several new promotions from the small cap ranks, including PureTech Health (LSE:PRTC, NASDAQ:PRTC, OTC:PTCHF), the producer of the first ADHD prescription treatment delivered through a video game, returned to the mid-caps following a short three-month hiatus.
It has jumped 12% in the last six months, though still down 15% since the beginning of the year.
Renewable energy investment trusts NextEnergy Solar Fund Ltd (LSE:NESF) and Bluefield Solar Income Fund (LSE:BSIF) gained promotion to the mid-cap index too as investors are attracted by their green income credentials and rising power prices.
TwentyFour Income Fund Ltd (LSE:TFIF), another investment trust, and real estate investment trust Warehouse REIT PLC (AIM:WHR) completed the FTSE 250 additions.
Small caps and smaller
Dropping out of the FTSE 250 into the small caps were home-improvement company Tyman PLC (LSE:TYMN), investment trust Chrysalis Investments Ltd, convenience food manufacturer Greencore Group PLC (LSE:GNC), specialist bank Provident Financial PLC (LSE:PFG) and power solutions provider XP Power Ltd (LSE:XPP).
Even more ignominy was lumped on Cineworld Group PLC (LSE:CINE), Lamprell PLC (LSE:LAM, OTC:LMPRF) and Made.com Group PLC (LSE:MADE) after their recent struggles.
Cineworld shareholders have been warned their investment is worth pretty much nothing as it looks to file for bankruptcy, while Made.com has notified that a potential equity raise is one of the options it is looking at after a trio of profit warnings.