FTSE reshuffle: Travis Perkins, DFS and Countrywide are on the way out
Cheap sofas, estate agents and building materials are no longer flavour of the month, it seems – with some of the UK's largest blue-chips eligible for demotion in the FTSE.
The FTSE 100 and the FTSE 250 will undergo their quarterly reshuffle after market close tomorrow – and DFS, Countrywide Properties and Travis Perkins are all eligible for demotion, the FTSE confirmed today.
Meanwhile, pharmaceutical giant ConvaTec Group and the Scottish Mortgage Investment Trust are likely to be promoted into the FTSE 100, while Nostrum Oil & Gas, Ferrexpo and NewRiver Reit are all expected to be pushed up into the FTSE 250.
It had been suggested shopping centre owner Intu, whose shares have fallen more than 15 per cent since teh brexit vote, would also be among those demoted – but it was saved after its shares rallied almost one per cent to 271.5p today.
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It's worth pointing out that the final decision will be made at the end of tomorrow's trading. Plenty have been saved this way: in June last year Morrisons was saved from demotion from the FTSE 100 by the skin of its teeth – although it then before dropped out in December. Swings and roundabouts…