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Investec books place in FTSE 100
10 March 2010 17:52
South Africa-focused bank Investec will join London's blue chip index next Monday following FTSE's latest quarterly reshuffle.
The shares secured their place with a 28% rally in the last month as senior managers beefed up their stakes.
At its last update, the company said operating fundamentals 'remain mixed' with activity levels below historic trends despite recent stability in financial markets.
Over the nine months, core loans and advances grew by 7% to £17.4bn, customer deposits increased by 33% to £19.3bn and third party assets under management increased by 38% to £67.2bn.
Clive Cowdery's insurance investment vehicle Resolution is kicked out of the top 100 after slumping 18% since early January.
The group which paid £1.9bn for Friends Provident last year is now worth just £1.77bn. Investors are disappointed it hasn't bought anything else.
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