Marks & Spencer’s share price falls as FTSE100 demotion looms
Pressure is piling on troubled retailer Marks & Spencer, which faces being demoted from the FTSE100 after the index closes today, as its share price tumbled this morning.
Officials will reshuffle indices based on close of business market values today, ahead of an announcement tomorrow.
As things stand, Mediclinic and G4S both look to be the most likely stocks to be demoted – but M&S is not out of the woods yet.
The 134-year old firm has been a member of the FTSE 100 since the index was established in 1984, but shares have fallen nearly a quarter over the last year.
Based on Friday's closing price of 310p per share, M&S was ranked 99th in the index for market capitalisation, valued at £5.05bn. Close behind were fellow blue chip Severn Trent, with a market cap of £4.93bn, and FTSE250 stock Weir Group on £4.87bn.
This morning M&S' share price was down 2.7 per cent in early trading. But shares in Weir Group and Severn Trent were also down, 2.1 per cent and 1.3 per cent respectively.
Midcap stocks GVC Holdings and Ocado look certain to be promoted, having climbed to 86th and 88th position respectively.