Reshuffle calls time on pub group’s stay in FTSE 250
Marston’s has dropped out of the FTSE 250 as investors continue to be wary about the robustness of pub groups.
Earlier this month its share price dropped 10% after releasing its half-year figures. Mitchell & Butlers, which released an update on the same day, was also affected by poor weather and a cloudy forecast.
Marston’s, which owns the Two For One and Pitcher & Piano chains, now has a market value of around £620m, and has been relegated in the quarterly reshuffle of the share index.
Its share price has been on a slow downward trend for two-and-a-half years, having been trading above 170p in November 2015. It dropped below 100p earlier this month and last night closed at 98.6p, close to a six-year low.
Other stocks relegated from the FTSE 250 are Pets at Home, Woodford Patient Capital Trust and Purecircle. Oil companies Energean and Premier Oil have been promoted alongide Integrafin.
Online retailer Ocado and Ladbrokes owner GVC have been promoted to the FTSE 100 while Marks & Spencer survived, for now. G4S and Mediclinic will drop down into the FTSE 250.
The changes will take effect from June 18.
