By Ian Walker
LONDON--House builder Barratt Developments PLC will rejoin the
FTSE 100 index after a six-year absence, and wealth-management firm
St. James's Place PLC will join the top flight for the first time,
FTSE International said Wednesday, replacing food ingredients
company Tate & Lyle PLC and construction company AMEC PLC.
The changes take effect from close of business on March 21.
Barratt has seen its share price increase 23% since the start of
the year as it, along with the other U.K. house builders, has
benefited from the U.K. government's "Help to Buy" and "Funding for
Lending" schemes. It was last in the top index between June and
December 2007.
St. James's Place, which provides financial planning and wealth
management services, helping individuals, trustees and
organizations to achieve their financial goals, has seen its share
price rise 14% since the start of the year.
By comparison Tate & Lyle's shares have fallen 22% as it has
been hit by increasing competition in the artificial sweetener
market and warned on Feb. 13 that profit for fiscal 2014 will be
lower than its previous expectations. It said profit for the year
ended March 31 will be in line with the previous year, when it
posted a pretax profit of 309 million pounds ($515.08 million). It
had forecast "another year of profitable growth" in November.
The FTSE 100 is a share index of the 100 most highly capitalized
companies listed on the London Stock Exchange. Any company that
falls to 111th and below is automatically ejected from the
top-flight index, while any firm that rises to 90 or above is
automatically promoted.
While AMEC falls outside this range, it is the closest to the
110th threshold and would therefore move to the FTSE 250 to balance
the top index, FTSE International said.
Write to Ian Walker at ian.walker@wsj.com
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