One in, one out for the Midlands in rejigged FTSE 250
ENGINEERING group Hill & Smith is to join the FTSE 250 after its share price rose nearly 50% since November.
Its share price closed on Tuesday night at 950p, giving the group a market capitalisation value of nearly £750m. The quarterly review of the members of the FTSE 100 and FTSE 250, which is a ranking of the largest public companies by value, took place yesterday and the Shirley-based group was one of seven companies promoted.
The group manufacture infrastructure products for use on roads and the utilities sector, and make galvanised and other coated products. In mid-November its share price was around 640p and climbed to touch 1000p two weeks ago.
Among the seven companies which dropped out of the ranking is Melrose Industries, which returned £2.4bn to shareholders in February after concluding the £3.3bn sale of Elster.
That process had a knock-on effect on its market value, which stands above £550m.
Other companies dropping out of the FTSE 250 included Jimmy Choo and Lookers, with Metro Bank and CYBG – the newly-formed standalone business containing Clydesdale and Yorkshire Bank – joining the list.
There was a single change to the make-up of the FTSE 100 as Hikma Pharmaceuticals replaced Inmarsat.
The changes will take effect from June 17.
