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28 February 2019

Phoenix rises to FTSE 100

Phoenix Group Holdings and Just Eat will enter the FTSE 100 in the index’s latest quarterly reshuffle.
Phoenix’s £2.9bn acquisition of Standard Life Assurance last August was said to have proved “transformational” for the Edinburgh-based life insurer, helping propel it into the top-flight index.

After losing its FTSE 100 place in December 2018, Just Eat is celebrating an immediate comeback in the March reshuffle. The food ordering company recently announced all restaurants with a zero-hygiene rating would be removed from its platform by 1st May 2019 after an investigation showed around 50% of eateries in Manchester, Bristol and London given the zero rating by the Food Standards Agency still appeared on its app.
Technology company Aveva had been seen as a contender for promotion, but Just Eat’s share price rise since the start of 2019, compared to heavy falls in the second half of 2018, saw its market capitalisation rise to £4.89bn, compared to Aveva’s £4.88bn.

Engineering and technical services firm John Wood Group and multinational sports betting group GVC Holdings are to be demoted to the FTSE 250. Following a swing to profit amid World Cup fever, the second half of 2018 saw sharp falls for GVC’s share price, although it has this week recovered some ground after the firm secured a long-term deal with gambling software company Playtech. Under the new agreement, Playtech will provide services to GVC until 2025.

Promoted to the FTSE 250 will be online investment platform provider and stockbroker AJ Bell and construction services and property group Kier Group. AJ Bell’s move into the mid-cap index comes just three months after floating on the London Stock Exchange in December 2018.

Joining them in the FTSE 250 is Pets at Home. In January the pet product and veterinary business posted a 6.3% rise in third-quarter revenue, including a strong performance over the Christmas period. In its update on its Brexit preparations, the company announced that it was considering stockpiling an extra £8m of products, including food, in the event that the UK leaves the EU without a deal.

Leaving the FTSE 250 are investment trust Edinburgh Dragon Trust, motoring and cycling product retailer Halfords Group and UK branded clothing company Superdry. On Wednesday (27th February 2019) Superdry chairman Peter Bamford announced he will step down by the end of this year.

The changes for the FTSE are expected to take effect from the start of trading on Monday 18th March 2019.

Ends

Please note, past performance and forecasts are not reliable indicators of future results or performance.
Please note that this article is for information only and does not constitute a recommendation to buy or sell the shares of the investments mentioned.

For all media enquiries please contact Ruth Peterson, PR Executive, at ruth.peterson@redmayne.co.uk.

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Redmayne Bentley offers a full range of services, from investment management services suitable for different life stages, through to traditional stockbroking, dealing with advice and tax efficient investments.
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Phoenix rises to FTSE 100
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