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FTSE 100 Index: Difference between revisions

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*[[Hanson plc|Hanson]] (acquired by [[Heidelberg Cement]])<ref>[http://www.telegraph.co.uk/finance/markets/2808949/Heidelberg-to-buy-Hanson-for-8bn.html Heidelberg to buy Hanson for £8bn]</ref>
*[[Hanson plc|Hanson]] (acquired by [[Heidelberg Cement]])<ref>[http://www.telegraph.co.uk/finance/markets/2808949/Heidelberg-to-buy-Hanson-for-8bn.html Heidelberg to buy Hanson for £8bn]</ref>
*Harrisons & Crosfield (renamed [[Elementis]])<ref>[http://www.aim25.ac.uk/cgi-bin/vcdf/detail?coll_id=16713&inst_id=118&nv1=browse&nv2=repos AIM 25]</ref>
*Harrisons & Crosfield (renamed [[Elementis]])<ref>[http://www.aim25.ac.uk/cgi-bin/vcdf/detail?coll_id=16713&inst_id=118&nv1=browse&nv2=repos AIM 25]</ref>
*[[Hawker Siddeley]] (acquired by BTR, now [[Invensys]])
*[[Hawker Siddeley]] (acquired by [[BTR plc|BTR]], now [[Invensys]])<ref>[http://www.brushtraction.com/fhistory/history.htm Brush Traction: History]</ref>
*[[Hays plc|Hays]] (market capitalisation fell too low)
*[[Hays plc|Hays]] (market capitalisation fell too low)
*[[HBOS|HBOS Group plc]] (acquired by [[Lloyds TSB]], now [[Lloyds Banking Group]])
*[[HBOS|HBOS Group plc]] (acquired by [[Lloyds TSB]], now [[Lloyds Banking Group]])

Revision as of 10:06, 25 September 2011

FTSE 100 Index
Foundation1984[1]
OperatorFTSE Group[1]
ExchangesLondon Stock Exchange[1]
Constituents102[1]
TypeLarge cap
Market cap£1,549 billion
(as at 30 June 2011)[1]
Weighting methodMarket value-weighted[1]
Related indices
List
WebsiteFTSE UK Index Series

The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the 'footsie' (/[invalid input: 'icon']ˈfʊtsiː/), is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange.

The index is maintained by the FTSE Group, an independent company jointly owned by the Financial Times and the London Stock Exchange. Its name derives from the acronym of its two parent companies, but has since been registered as a limited company in its own right.

The index began on 3 January 1984 with a base level of 1000; the highest value reached to date is 6950.6, on 30 December 1999. After falling dramatically during the financial crisis of 2007-2010 to a low of below 3,500 in March 2009, the index recovered by a significant margin to its peak since then of 6,091.33 on 8 February 2011, its highest level since mid-2008. It has fallen sharply since then to under the 5,000 mark on the morning of 23 September 2011.

It is the most widely used of the FTSE Group's indices, and is frequently reported (e.g. on UK news bulletins) as a measure of business prosperity.

Overview

The index is maintained by the FTSE Group, an independent company which originated as a joint venture between the Financial Times and the London Stock Exchange. It is calculated in real time and published every 15 seconds.

FTSE 100 companies represent about 81% of the market capitalisation of the whole London Stock Exchange. Even though the FTSE All-Share Index is more comprehensive, the FTSE 100 is by far the most widely used UK stock market indicator. Other related indices are the FTSE 250 Index (which lists the next largest 250 companies after the FTSE 100), the FTSE 350 Index (which is the aggregation of the FTSE 100 and 250), FTSE SmallCap Index and FTSE Fledgling Index. The FTSE All-Share aggregates the FTSE 100, FTSE 250 and FTSE SmallCap.

The constituents of the index are determined quarterly; the largest companies in the FTSE 250 Index are promoted if their market capitalisation would place them in the top ninety firms of the FTSE 100 Index.

Component companies must meet a number of requirements set out by the FTSE Group, including having a full listing on the London Stock Exchange with a Sterling or Euro denominated price on SETS, and meeting certain tests on nationality, free float, and liquidity.

With only historical exceptions, the companies listed on this index must by law include the abbreviation 'plc' at the end of their name, indicating their status of public limited company.

Continuous trading starts at 08:00 and ends at 16:30 (when the closing auction starts), and closing values are taken at 16:35.

Weighting

They involve the total market capitalisation of the companies weighted by their effect on the index, so the larger companies make more of a difference to the index than smaller. This is also called the free float method. The basic formula for any index is (be it capitalization weighted or any other stock index):[2]

  • Index level= Σ(Price of stock* Number of shares)*Free float factor/ Index Divisor.

The Free float Adjustment factor represents the proportion of shares that are readily available for trading as a percentage of all issued shares. The factor is then rounded up to the nearest multiple of 5% for calculation purposes. To find the free-float capitalisation of a company, first find its market cap (number of shares x share price) then multiply by its free-float factor. Free-float capitalisation, therefore, does not include restricted stocks, such as those held by company insiders.

Current constituents

This reflects the quarterly review effective 19 September 2011 in which Ashmore Group and Bunzl replaced Wood Group and 3i Group.[3] The next review is due in early December 2011. The index consists of 100 companies, but a total of 102 listings as two classes of shares are included for Royal Dutch Shell and Schroders.

Largest constituents

The following table lists the 10 largest FTSE 100 companies measured by market capitalisation as of 9 March 2011.[4]

Rank Company Sector Market capitalisation (£ billion)
1 BHP Billiton Mining 148
2 Royal Dutch Shell Oil and gas 135
3 HSBC Financial services 118
4 Vodafone Group Telecommunications 93
5 BP Oil and gas 91
6 Rio Tinto Group Mining 86
7 GlaxoSmithKline Pharmaceuticals 61
8 Unilever Consumer goods 56
9 British American Tobacco Tobacco 49
10 BG Group Oil and gas 49

Past constituents

source: Template:PDFlink

FT 30

Main article: FT 30

The oldest continuous index in the UK, the FT 30, also known as the Financial Times Index or the FT Ordinary Index (FTOI),[84] which began in 1935 is now largely redundant. It is similar to the Dow Jones Industrial Average, and companies listed are from the industrial and commercial sectors. Financial sector companies and government stocks are excluded.

Of the original constituents,[85] four are currently in the FTSE 100: Guest Keen & Nettlefolds (GKN), Tate & Lyle, Imperial Tobacco and Rolls-Royce, although Rolls-Royce has not been continuously listed and Imperial Tobacco was a subsidiary of Hanson for a number of years. ICI was removed when it was taken over by Akzo Nobel in January 2008. Two of the original FT 30 companies are still in that index:[86] GKN and Tate & Lyle (membership is not strictly based on market capitalisation, so this does not mean they are necessarily among the top thirty companies in the FTSE 100). The best performer from the original line-up has been Imperial Tobacco.[87]

See also

Notes

  1. ^ a b c d e f "FTSE 100 Index Factsheet" (PDF). FTSE Group. Retrieved 29 April 2011.
  2. ^ FTSE Capitlization method methodology via Wikinvest
  3. ^ "FTSE 100 Constituent" (PDF). FTSE Group. 7 September 2011. Retrieved 23 September 2011.
  4. ^ "Top ten most valuable companies in the FTSE 100: in pictures". The Telegraph. 10 March 2011. Retrieved 16 April 2011.
  5. ^ Buoyant Lloyds TSB offloads insurer Abbey Life The Guardian, 1 August 2007
  6. ^ William Kay (6 September 2004). "HBOS fury as EU backs Santander's Abbey bid". The Independent. London.
  7. ^ "A&L shareholders approve takeover". BBC News. 16 September 2008. Retrieved 2008-09-17.
  8. ^ Terra Firma drops Boots bid plan
  9. ^ Pernod Ricard successfully completes acquisition of Allied Domecq, from the Pernod Ricard website
  10. ^ Unification of companies
  11. ^ "General Electric buys Amersham". BBC. 10 October 2003. Retrieved 2009-06-12.
  12. ^ "BSkyB agrees £125m Amstrad deal". BBC News. 2007-07-31. Retrieved 2007-07-31.
  13. ^ "Argos attacks GUS offer". BBC News. 1998-02-26. Retrieved 2009-10-13.
  14. ^ Argyll Group plc intends a stock buy back
  15. ^ Worms & Cie launches tender offer
  16. ^ "Wal-Mart buys Asda in UK retail shock". Eurofood. 17 June 1999. Retrieved 6 April 2008.
  17. ^ The Economist, The man who bought trouble. Consulted on July 18, 2007.
  18. ^ International Trader
  19. ^ a b Bank of Scotland and Halifax agree merger
  20. ^ Bass to become Six Continents The Guardian, 27 June 2001
  21. ^ a b The Glaxo SmithKline merger
  22. ^ Bryan, Victoria (14 October 2008). "Enodis sees FY profit ahead of its view". Reuters. Retrieved 2008-11-24.
  23. ^ Rumours of Rentokil bid boost BET The Independent, 15 February 1996
  24. ^ Shake-up will see BICC change to Balfour Beatty
  25. ^ Tony Berry, former Chairman, Blue Arrow
  26. ^ Lafarge bags Blue Circle The Telegraph, 7 January 2001
  27. ^ Statement on Linde homepage
  28. ^ Bowater to change name to Rexam Plasteurope, 31 May 1995
  29. ^ Avanex and Bookham become Oclaro Compound Semiconductor, 28 April 2009
  30. ^ BPB accepts bid from French firm
  31. ^ "Spanish bank giant to acquire B&B". BBC News. 2008-09-29. Retrieved 2008-09-29.
  32. ^ Brambles ditches London listing The Telegraph, 30 November 2005
  33. ^ BAe set to sign A8bn GEC deal with merger The Guardian, 19 January 1999
  34. ^ "Iberia expects to complete merger with British Airways in January". Daily Nation. 27 October 2010. Retrieved 18 November 2010.
  35. ^ BHS sold to M&S raider
  36. ^ a b "India's Tata wins race for Corus". BBC. 31 January 2007. Retrieved 2007-11-26.
  37. ^ Law Lords Department. "Judgments – Soden and Another v. British & Commonwealth Holdings Plc. and Others". Publications.parliament.uk. Retrieved 6 February 2011.
  38. ^ Competition Commission Report 1988 Page 10
  39. ^ Investors back BTR Siebe merger
  40. ^ BP buys Burmah Castrol
  41. ^ Arcadia's clearance sale
  42. ^ "Cadbury agrees Kraft takeover bid". BBC News. London: BBC. 19 January 2010. Retrieved 19 January 2010.
  43. ^ a b ITV shares on London stock market
  44. ^ Belgian drugmaker seeks to buy Celltec
  45. ^ Jobs cull logical in Logica / CMG deal
  46. ^ Weiss exits Guinness Peat but stays on at Coats The Australian, 1 April 2011
  47. ^ a b "CGU and Norwich Union merge". BBC News. 2000-02-21. Retrieved 2010-11-02.
  48. ^ Obituary: Lord Hanson The Times, 3 November 2004
  49. ^ Akzo Nobel Buys Courtaulds & Columbian Firm Adhesives Age, 1 June 1998
  50. ^ PIC International Group PLC Changes Name to Sygen International plc PR Newswire, 2001
  51. ^ "NTT buys South Africa's Dimension Data". BBC News. July 14th, 2010. Retrieved July 14th, 2010. {{cite web}}: Check date values in: |accessdate= and |date= (help)
  52. ^ Guinness directors showed 'contempt for truth' BBC, 28 November 1997
  53. ^ a b DSG, formerly known as Dixons, is now renamed ... Dixons The Telegraph, 25 June 2010
  54. ^ British engineering firms merger moves forward New York Times, 1992
  55. ^ Eagle Star at Euroarchive
  56. ^ Texas raises Energy bid to £4.46bn BBC News, 3 March 1998
  57. ^ a b Imetal to Buy ECC For $1.2 Billion ICIS, 8 February 1999
  58. ^ Andrews, Amanda (24 December 2007). "Guardian and Apax snap up a fifth of Emap". The Times. London. Retrieved 1 May 2010.
  59. ^ "Profile: British music giant EMI". BBC News. 15 January 2008. Retrieved 16 March 2008.
  60. ^ C&W set to win Energis race
  61. ^ Royal Dutch / Shell buys Enterprise Oil of Britain
  62. ^ Chairman is appointed at Exco International New York Times, 8 January 1987
  63. ^ Deutsche Post (2005-12-14). "Deutsche Post DHL Completes Acquisition of Exel". Retrieved 2008-11-07.
  64. ^ Ferranti Timeline – Museum of Science and Industry (Accessed 17-02-2009)
  65. ^ Door still open for agreed takeover of Fisons The Independent, 22 August 1995
  66. ^ Granada buys maximum stake
  67. ^ French rival seals Freeserve deal
  68. ^ "Friends backs Resolution takeover". BBC News. 11 August 2009.
  69. ^ Gallaher agrees £7.5bn Japan Tobacco takeover The Scotsman
  70. ^ "Co-op buys Somerfield for £1.57bn". bbc.co.uk. 2008-07-16. Retrieved 2008-07-16.
  71. ^ Oates, John (25 October 2005). "Ericsson buys Marconi". Theregister.co.uk. Retrieved 5 June 2010.
  72. ^ a b Wimpey and Woodrow agree to merge
  73. ^ Closed-End Funds Open Plays for the Intrepid Investor International Herald Tribune, 21 January 1995
  74. ^ Caterer Search
  75. ^ Lloyds-backed Alternative Hotels Group may be sold Daily Mail, 12 February 2011
  76. ^ a b Spirits soar at Diageo Food & Drug Packaging, July 2005
  77. ^ Axa of France to buy Guardian of Britain New York Times, 2 February 1999
  78. ^ GUS to split into two publicly traded units
  79. ^ Mothercare Chief Executive ousted after fourth profits warning in under a year
  80. ^ Openwork: History
  81. ^ Heidelberg to buy Hanson for £8bn
  82. ^ AIM 25
  83. ^ Brush Traction: History
  84. ^ The History Channel - Financial Times Index. Retrieved 2008-08-08
  85. ^ Original constituents
  86. ^ Remaining companies in the FT30
  87. ^ Eckett, Stephen (ed.) (2004), The UK Stock Market Almanac 2005, Petersfield, Harriman House. ISBN 1-897597-46-0


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