Newspaper article The Evening Standard (London, England)

Rolls-Royce and RSA Are Set to Rejoin Top 100 Club; Market Report

Newspaper article The Evening Standard (London, England)

Rolls-Royce and RSA Are Set to Rejoin Top 100 Club; Market Report

Article excerpt

Byline: MICHAEL CLARK

THE LATEST quarterly reshuffle of the top 100 companies that make up the Footsie is expected to see the return of a couple of old favourites. The decision on which companies go up and which ones get the chop will be made after close of business tonight.

Aero engines maker Rolls-Royce dipped 4p to 128p, having briefly touched a new nine-month high, with it now looking oddson to make its return to the fold.

The group is valued at more than [pounds sterling]2 billion, and its price has rebounded from a low of 64 1/2p struck in March. It is expected to be joined by Royal & Sun-Alliance, 2 1/2p off at 137 1/2p, which lost its place in the top 100 last year. The struggling insurer hit a low of 56 1/4p in March, when City traders feared for its future. The group has since been forced to make heavy disposals.

They are expected to replace logistics group Hays, 1/2p off at 90 3/4p, which has slumped from the 164p level, and pubs and hotels operator Mitchells and Butlers, 7 3/4p better at 222 3/4p, which was demerged from Six Continents in March. Hays now plans to dispose of its logistics arm, having seen its value dwindle to [pounds sterling]1.6 billion. The Six Continents management boasted before the demerger that it would still have two companies quoted in the Footsie 100, but Mitchells & Butlers is now valued at only [pounds sterling]1.5 billion.

The rest of the market traded in narrow limits with the FTSE 100 index down 3.9 at 4125.2. Turnover was thin with just over a billion shares changing hands, of which AIM-listed MobileFuture accounted for 356 million after some lines of stock changed hands at 0.18p. The price rose 0.03p to 0.30p.

There is a two-way pull in AstraZeneca, up 27p at 2663p, with brokers taking opposing views of prospects for the drugs giant. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.