Hargreaves Lansdown set to be relegated from FTSE 100
Hargreaves Lansdown is at risk of falling out of the FTSE 100 in the latest quarterly reshuffle as its share price trades close to a 10-year low.
It would see the end of a 12-year run in the blue-chip stock market index for the Bristol-based financial services company.
Last’s night closing share price of 713p valued Hargreaves Lansdown at £3.38bn – £1bn lower than its recent July peak.
However its share price has been in decline for much longer and has lost 70% of its value since May 2019.
Hargreaves Lansdown is likely to be replaced by asset manager Intermediate Capital Group, which now has a market value of nearly £4.5bn.
The FTSE review is done based on the market close next Tuesday. A promoted company has to be among the top 90 companies by value or be below 110th spot to be relegated.
In July Hargreaves Lansdown’s chair Deanna Oppenheimer decided to end her five years leading the board, while chief executive Chris Hill left at the start of this year after six years in charge.
Hargreaves Lansdown’s co-founder Peter Hargreaves had gone on the record in January saying the board had “indulged in completely unnecessary irrelevant programme adding “it’s hardly surprising the shares have collapsed”.
