All eyes were on the FTSE as the market closed to reveal the first reshuffle since the referendum vote. Every three months companies are booted out of the index of the UK’s largest firms if they are no longer making the grade.
A company’s market capitalisation must fall to 111th as the market closes on reshuffle day for it to leave the FTSE 100, and any business hoping to graduate to the top flight must be the 90th biggest or above to earn a promotion.
Housebuilders were widely expected to bear the brunt of any relegations with other names including Travis Perkins, Intu Properties and Dixons Carphone also being thrown into the mix of possible contenders. On the day it was only housebuilder Berkeley which was relegated. It’s been a tough year for…