Marks & Spencer Group is set to make a comeback to the FTSE 100 index after a four-year absence, according to FTSE Russell. This news comes as housebuilder Persimmon makes its exit from the index.
Marks & Spencer left the prestigious index in September 2019, despite being a member since its establishment in January 1984. However, the retailer has experienced a significant surge in its share price, with an impressive 81% increase over the year.
On the other hand, Persimmon, known for its home-building business, will be leaving the index after a ten-year presence. The company has faced challenges due to high interest rates and low consumer confidence within the house-building industry. As a result, its shares have fallen by 13% year to date.
In addition to Marks & Spencer, several other companies are scheduled to join or rejoin the index. Dechra Pharmaceuticals and Hikma Pharmaceuticals are making a return after leaving in December 2022 and September of the same year, respectively. Joining the index for the first time is Diploma.
The companies taking their places in the FTSE 100 are Abrdn, Johnson Matthey, and Hiscox.
The changes will come into effect at the beginning of trading on September 18th.
The FTSE 100 is a renowned share index that includes the top 100 highly-capitalized companies listed on the London Stock Exchange. Companies that fall below the ranking of 111 are automatically removed from the index, while those that rise to 90 or higher are promoted.
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