Travel operator TUI (TUI) is to lose its place in the FTSE 100 after its recent share price slump made it too small to qualify for the blue chip index.
Index provider FTSE Russell reshuffles the FTSE 100 basket every quarter, ejecting any stock whose ranking drops below 110, and promoting into the index any that ranks 90 or higher.
TUI shares have fallen by 42% year-to-date as investors worry that travel demand will be hit by coronavirus fears.
Taking their place in the blue chip index will be gold and silver miner Fresnillo (FRES), private equity and debt investment firm Intermediate Capital Group (ICP), and water utility Pennon Group (PNN).
Due to the fact that NMC shares are suspended, its relegation from the FTSE 100 will be delayed until trading resumes.
If there are any other suspensions or corporate actions, like a merger or acquisition of a FTSE 100 member, the next stocks to qualify for promotion to the top tier are, in alphabetical order, Avast (AVST), Bellway (BWY), Derwent London (DLN), Direct Line Insurance (DLG), GVC Holdings (GVC) and Homeserve (HSV).
MID-CAP WINNERS AND LOSERS
In the FTSE 250 there are quite a few changes aside from the stocks getting promoted to, or relegated from, the main index.
Being demoted from the mid cap basket are gaming firm 888 Holdings (888), payment service provider Finablr (FIN), builder Galliford Try (GFRD), oil services firm Hunting (HTG), retail property investment trust NewRiver REIT (NRR), casual dining firm Restaurant Group (RTN), building materials supplier SIG (SHI) and oil explorer Tullow (TLW).
Taking their place are waste management firm Biffa (BIFF), defence equipment maker Chemring (CHG), brick maker Forterra (FORT), online bingo operator Gamesys (GYS), music royalty fund Hipgnosis Songs (SONG), ESG fund Impax Environmental Markets (IEM), gold miner Petropavlovsk (POG) and electrical component maker XP Power (XPP).
The index changes will become effective on Monday 23 March.