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BREAKING NEWS

M&S, Direct Line and Micro Focus will be booted from FTSE 100 on September 23

M&S, Direct Line and Micro Focus will be booted from FTSE 100 on September 23
FILE PHOTO: Clothes are displayed on hangers in an Marks & Spencer shop in northwest London, Britain July 8, 2014. REUTERS/Suzanne Plunkett -
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Suzanne Plunkett(Reuters)
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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)

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