EasyJet and Rightmove poised to drop out of FTSE 100
EasyJet (EZJ.L) and Rightmove (RMV.L) are poised to fall out of the FTSE 100 in the latest quarterly reshuffle of London's leading share indexes, according to market data.
FTSE Russell, the global index provider owned by the London Stock Exchange Group (LSEG.L), reviews the composition of its FTSE 100 (^FTSE) and FTSE 250 (^FTMC) benchmarks every three months, promoting and demoting companies based on their market value.
The following changes will be determined based on market close data on 3 March, with confirmations due the following day.
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In an update, FTSE Russell said data gathered on Friday suggest that EasyJet (EZJ.L) and Rightmove (RMV.L) are on course to be relegated from the FTSE 100, which tracks the most prominent companies listed in London, to the FTSE 250, which covers the following 250 biggest firms by market capitalisation.
Shares in budget airline easyJet (EZJ.L) have fallen 7% over the past six months. Last month, the Luton-based carrier reported that losses widened by 52% in the most recent quarter, citing investments in Italy and a "competitive environment".
Rightmove (RMV.L), the online property portal, has endured a steeper decline. Its shares have dropped 45% over the same period, weighed down in part by a warning that increased spending on artificial intelligence would curb profit growth.
FTSE Russell's indicative list shows that IG Group (IGG.L) and Tritax Big Box REIT (BBOX.L) are in line to replace EasyJet (EZJ.L) and Rightmove (RMV.L) in the blue chip index. Both companies are currently members of the FTSE 250.
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IG Group (IGG.L), which operates a trading platform, has seen its shares rise 13% in the past six months as revenues climbed, helped by strong growth in the US market.
Tritax Big Box, a warehouse and distribution property owner, has recorded a 22% increase in its share price over the same period, benefiting from an expansion into data centres.
Further down the rankings, vet services provider CVS Group (CVSG.L) and investment fund The Schiehallion Fund (MNTN.L) are expected to join the FTSE 250, alongside EasyJet (EZJ.L) and Rightmove (RMV.L).
Cybersecurity specialist NCC Group (NCC.L) and Pinewood Technologies (PINE.L), which develops software primarily for car dealerships, are set to drop out of the midcap index.
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