FTSE Russell, the global index provider, has confirmed that Abrdn will re-join the FTSE 100 this month, having been relegated to the FTSE 250 in October.
On 22 November, the asset manager was in “pole position” for a return to the top flight according to Hargreaves Lansdown’s Susannah Streeter, owing in large part to what she identified as a rising appetite for risk among investors.
She noted that this development had sent its share price up sharply; since early October, it has climbed by nearly 44% to £1.98. Although it still sits some way below the figure of £2.48 at the beginning of the year, this represents a startling turnaround from the 44% decline in share price that it suffered up to 3 October.
As predicted, Abrdn is joined in the FTSE 100 by Weir Group, a Glasgow-based engineering firm, while insurance company Beazley also makes the leap from the FTSE 250.
Dechra Pharmaceuticals and Harbour Energy were both earmarked for demotion into the FTSE 250 last month, and their relegation has been confirmed, along with private equity investment firm Intermediate Capital Group. The latter has seen its share price fall 18% to £12.64 over the last six months.
Digital 9 Infrastructure and European Smaller Companies Trust will also enter the FTSE 250 at the expense of Home Reit and Petrofac, which have dropped into the rung below.
All of the changes above will be implemented at the close of business on 16 December, and will take effect from the start of trading on Monday 19 December.
