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Alliance & Leicester, Persimmon fall from FTSE 100

Thursday, 12 June 2008 12:00 AM

House builder Persimmon, bank Alliance & Leicester, Homebase owner Home Retail Group and sugar giant Tate & Lyle are all leaving the FTSE 100 index.

Companies who make it into the list are ranked by their market capitalisation, which is measured by the value of their shares on the market.

In the index's quarterly review, the companies will be replaced by energy and mining firms including Invensys, mining company Ferrexpo, oil services firm Petrofac and power station operator Drax Group.

The changes represent the recent stock market movements, which have favoured companies that deal with commodities, as prices for oil and other materials rocket.

Banks and housebuilders have been high-profile losers in the credit crunch and subsequent property market downturn.

Software and technology group Invensys said it welcomed its inclusion in the top 100 traded companies, as well as reclassification to Technology sector

Ulf Henriksson, chief executive of Invensys, said: "FTSE's decision to reclassify us reflects our transition to a technology and controls business. We are well positioned to meet demands from global GDP growth, increasing urbanisation in developing countries and the relentless need to improve productivity, efficiency and sustainability."

In the mid cap FTSE 250 index, BH Macro, Heritage Oil, Domino's Pizza and Mecom Group will enter, while Salamander Energy, Domino Printing Sciences, Advance Developing Markets, JP Morgan Fledgling Euro Investment Trust and Detica Group move up from the FTSE SmallCap into the FTSE 250.

This means Real Estate Opportunities, Redrow, Marshalls, Eaga, Assura, Collins Stewart, Capital & Regional, AGA Rangemaster Group, and Findel will leave the FTSE 250 and go into the FTSE SmallCap.

Waiting in the wings on the FTSE 100 reserve list to be used in between index reviews will contain Pennon Group, Serco Group, Inmarsat, Burberry Group, Balfour Beatty and Foreign and Colonial Investment Trust.

Reserve lists are created at each UK quarterly review, and contain the next six companies ranked in order of market capitalisation below the FTSE 100. Reserve lists are used in between index reviews in the event of corporate actions or mergers which impact the index.

Sarah Routledge

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