Marks & Spencer retains FTSE100 status as JD Sports is promoted to the list
High street giant Marks & Spencer has narrowly avoided the chop from the FTSE 100 blue chip share index after its shares tumbled by nearly a fifth over the past six months.
The quarterly reshuffle by the FTSE Russell, which is based on Tuesday’s closing share prices, has also seen sportswear retailer JD Sports jump into London’s top flight to make its debut in the index.
JD's shares have surged as it has bucked the wider high street gloom with rising sales and profits. The promotion has capped a successful recent share run for the chain.
It was bumped up to the leading index alongside software business Aveva, which recently sealed a deal to merge with France’s Schneider that effectively doubled the company’s size.
JD Sports and Aveva pipped FTSE 250 rivals Cineworld, Homeserve and Weir Group to the promotion. Budget airline Easyjet was demoted from the FTSE100 along with Hikma Pharmaceuticals.
Changes made from the review will be implemented at the close of trading on Friday 21 June, to take effect from the start of trading on Monday 24 June.
