{"id":162140,"date":"2019-09-03T19:36:13","date_gmt":"2019-09-03T19:36:13","guid":{"rendered":"https:\/\/www.theindustry.fashion\/marks-spencer-to-drop-out-of-ftse-100-after-35-years-as-top-british-business\/"},"modified":"2021-08-12T14:04:09","modified_gmt":"2021-08-12T14:04:09","slug":"marks-spencer-to-drop-out-of-ftse-100-after-35-years-as-top-british-business","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/marks-spencer-to-drop-out-of-ftse-100-after-35-years-as-top-british-business\/","title":{"rendered":"Marks &#038; Spencer to drop out of FTSE 100 after 35 years as top British business"},"content":{"rendered":"<p>Marks &amp; Spencer will<strong> drop out of the FTSE 100 for the first time<\/strong> since the index was created 35 years ago, after its value fell below the threshold for inclusion.<\/p>\n<p><!--more--><\/p>\n<p>The <strong>relegation was confirmed by stock market closing prices this evening (Tuesday 3 September)<\/strong>, which dictate the quarterly reshuffle of the top UK-listed companies.<\/p>\n<p>The official announcement will be made on Wednesday and <strong>changes will take effect on 23 September.<\/strong><\/p>\n<p>Micro Focus and Direct Line also found themselves relegated as part of the shake-up, making room for <strong>mining company Polymetal, pharmaceutical business Hikma and engineering firm Meggitt.<\/strong><\/p>\n<p>Marks &amp; Spencer was already near-certain to drop out after a <strong>decline in its share price of more than 45% over the last three years.<\/strong><\/p>\n<p>It is <strong>one of the founder members of the 1984 FTSE 100 cohort<\/strong>, leaving just 26 of the original line-up still on the index.<\/p>\n<p>Helal Miah, investment research analyst at the Share Centre, said: \u201cM&amp;S for many generations has been a stalwart of the UK retail market and a founding member of the FTSE 100.<\/p>\n<p>\u201cIts relegation will be<strong> highly symbolic of the troubles on the UK high street<\/strong> and the challenges the UK retail sector faces as the internet plays an increasingly important role.\u201d<\/p>\n<p>It is not the first time M&amp;S chairman Archie Norman has watched a company he heads leave the index, <strong>having previously been at the helm of ITV during its relegation.<\/strong><\/p>\n<p>Speaking at the company\u2019s preliminary results he said: \u201cWhen<strong> I went to ITV we dropped out of the FTSE 100, the sky didn\u2019t fall in<\/strong> \u2013 the business was the same business the day after.\u201d<\/p>\n<p>Companies which have narrowly avoided dropping out this time round include British Gas owner Centrica, which looked close to the edge last week but recovered slightly.<\/p>\n<p>It was also aided by the fact that Micro Focus issued a profit warning last week, making the software giant a prime candidate for demotion.<\/p>\n<p>M&amp;S may not be the last retail stalwart to find itself in the FTSE 250, with <strong>Sainsbury\u2019s, Morrisons and B&amp;Q owner Kingfisher all set to be contenders for relegation<\/strong> in the next reshuffle.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":135532,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[11842,10921,3211],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Marks &amp; 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