LONDON (Reuters) – Marks & Spencer <MKS.L>, Direct Line <DLGD.L> and Micro Focus <MCRO.L> will be relegated from London’s FTSE 100 <.FTSE> index from Sept. 23 following the latest quarterly review, the index operator FTSE Russell said on Wednesday.
This is the first time M&A, the 135-year old retailer, will be booted from the blue-chip index since the market’s inception in 1984 and follows a steady decline in its share price as it struggled with stiff competition on the UK’s shrinking high street.
As expected, precious metals mining firm Polymetal <POLYP.L>, generic drugmaker Hikma <HIK.L> and aerospace and defence group Meggitt <MGGT.L> will replace them, the London Stock Exchange-owned FTSE Russell said.
They have all been in the top 100 index before.
(Reporting by Josephine Mason)