LONDON: Marks and Spencer Group (M&S) is set to regain its place on the FTSE 100 index after four years, following strong share price gains this year.
Highlights:
· M&S’s strong performance this year has been driven by a number of factors, including a recovery in its clothing business and a lift to interim guidance.
· The company has also made a number of changes in recent years, including appointing new co-chief executives Katie Bickerstaffe and Jeremy Townsend.
· Persimmon has been hit by the UK’s souring property sector, with demand for housing stock declining on the back of higher interest rates on mortgages.
· Chemical specialist Johnson Matthey, electronics provider RS Group, and investment firm Abrdn will also be leaving the FTSE 100.
The retailer will replace Abrdn, Johnson Matthey, Persimmon, and RS Group in the September reshuffle, according to FTSE Russell, the index provider.
M&S’s share price has risen 71% since December, helped by a strong first half of the year and a lift to interim guidance earlier this month.
The company has also made a number of changes in recent years, including appointing new co-chief executives Katie Bickerstaffe and Jeremy Townsend.
These changes have helped to improve investor sentiment, and M&S now has a market capitalization of £4.3 billion.
Persimmon, on the other hand, is one of the companies that will be leaving the FTSE 100. The housebuilder has been hit by the UK’s souring property sector, with its share price down over 22% year-to-date.
Other companies that will be leaving the FTSE 100 are Johnson Matthey, RS Group, and Abrdn.
The changes to the FTSE 100 will take effect after markets close on August 30, according to Proactiveinvestors..