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Abrdn and Weir Group contenders for promotion to FTSE 100 in quarterly reshuffle

Published 29/11/2022, 05:30
Updated 29/11/2022, 05:40
© Reuters.  Abrdn and Weir Group contenders for promotion to FTSE 100 in quarterly reshuffle

© Reuters. Abrdn and Weir Group contenders for promotion to FTSE 100 in quarterly reshuffle

Proactive Investors - The FTSE All Share Index quarterly review will take place in the coming next week – based on market capitalisations on Tuesday 29 November (announced 30 November), with changes taking effect after the close of business on Friday 16 December.

Contenders for promotion includeAbrdn PLC (LON:ABDN), the Edinburgh based investment company, which was demoted at the last review as shares were hit by the financial volatility.

But in recent weeks the company appears to have turned a corner, helped by a rising appetite for risk sending its share price sharply upwards and putting it in pole position for promotion back into the top-flight.

Weir Group PLC (LON:WEIR), the Glasgow-based engineering firm, is also a contender for re-entry to London's top flight as optimism appears to be returning that its strategic move into mining will pay off over the longer term.

On the way out could be Harbour Energy PLC, one of the UK's largest independent producers, which has been hit by the rumours and then confirmation of an increase in a windfall tax on North Sea oil and gas producers, while Dechra Pharmaceuticals PLC (LON:DPH) is another company up for relegation.

A year after its promotion to the blue chip ranks on the back of a strong rally during the pandemic, shares in the veterinary pharmaceutical group have fallen by more than 20% over the past year as worries about growth prospects have risen, despite solid results recently.

Further down the ranks, 888 Holdings PLC (LON:888) looks set to be demoted from the FTSE 250 into the small cap league as the high hopes for the acquisition of William Hill have led to disappointment for investors as the online gaming group's struggles with tighter regulation continue from the first half into the second.

Read more on Proactive Investors UK

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