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Cairn Energy, the oil and gas exploration and production company, will exit the FTSE 100, FTSE Group has confirmed today. The company has been in the index continuously since September 2005, after first joining in September 2004. Replacing Cairn in the FTSE 100 will be Daily Mail & General Trust, which was ejected from the blue chip index nine months ago.
In the mid-cap FTSE 250, new listing Bluebay Asset Management, the specialist manager of fixed income credit, will join the index. This means PayPoint, the financial administration company, is to fall into the FTSE SmallCap.
The changes to the indices are to take place following FTSE’s quarterly UK index series review, which is carried out by the independent FTSE Europe, Middle East and Africa regional committee. The regular index reviews ensure the indices remain an accurate reflection of the market they represent - essential as they form the basis of many pension funds and investment portfolios.
All changes from the review will take effect from the start of business on Monday 19th March.
