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Low-cost airline easyJet and retailer Dixons Carphone are poised to be relegated from the FTSE 100 index in the latest quarterly shakeup of the UK’s blue-chip index.
EasyJet’s share price has plummeted nearly 40 per cent since the Brexit vote last June , with the airline warning it will suffer a bigger-than-expected hit from the pound’s weakness after the referendum.
Shares fell to their lowest level in three years in October, shrinking the company’s market capitalisation to around £3.72bn and making it eligible for demotion from the FTSE 100.
Among the other contenders for relegation are Dixons Carphone and outsourcer Capita, whose shares have fallen 32 per cent and 44 per cent respectively over the last 12 months.
The changes will come into effect from the start of trading on March 20, taking the company’s market caps from the end of trading tomorrow.
Among the firms in line for a promotion from the FTSE 250 are Scottish Mortgage Investment Trust, Rentokil, and Smiths DS, one of Europe’s biggest manufacturers.
Meanwhile, spread-better CMC Markets faces dropping out of the FTSE 250 and into the FTSE Small Cap index after its shares were stung by a regulatory crackdown on its binary options bettering products.