FTSE 100 Index

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FTSE 100 Index
FTSE 100 index chart since 1984.png
FTSE 100 Index performance between 1984 and 2012
Foundation 1984[1]
Operator FTSE Group[1]
Exchanges London Stock Exchange[1]
Constituents 101[1]
Type Large cap
Market cap £1.549 trillion
(as at 30 April 2012)[1]
Weighting
method
Capitalization-weighted[1]
Related 
indices
Website FTSE UK Index Series

The FTSE 100 Index, also called FTSE 100, FTSE, or, informally, the "footsie" /ˈfʊts/, is a share index of the 100 companies listed on the London Stock Exchange with the highest market capitalization. It is one of the most widely used stock indices and is seen as a gauge of business prosperity for business regulated by UK company law. The index is maintained by the FTSE Group, a subsidiary of the London Stock Exchange Group. FTSE stands for Financial Times Stock Exchange.

The index began on 3 January 1984 at the base level of 1000; the highest value reached to date is 6950.6, on 30 December 1999. After falling during the financial crisis of 2007-2010 to below 3500 in March 2009, the index recovered to a peak of 6091.33 on 8 February 2011, fell under the 5000 mark on the morning of 23 September 2011, but reached 6894 at the market close on 14 May 2014 (its highest close since 1999).[2]

Overview[edit]

The index is maintained by the FTSE Group, a now wholly owned subsidiary of the London Stock Exchange which originated as a joint venture between the Financial Times and the London Stock Exchange. It is calculated in real time and published every 15 seconds when the market is open.

The FTSE 100 consists of the largest 100 qualifying UK companies by full market value.[3] The constituents of the index are determined quarterly, on the Wednesday after the first Friday of the month in March, June, September and December. The values used to make the changes to the indices are taken at the close of business the night before the review.[4]

FTSE 100 companies represent about 81% of the entire market capitalisation of the London Stock Exchange. Even though the FTSE All-Share Index is more comprehensive, the FTSE 100 is by far the most widely used UK stock market indicator. Other related indices are the FTSE 250 Index (which includes the next largest 250 companies after the FTSE 100), the FTSE 350 Index (which is the aggregation of the FTSE 100 and 250), FTSE SmallCap Index and FTSE Fledgling Index. The FTSE All-Share aggregates the FTSE 100, FTSE 250 and FTSE SmallCap.

Component companies must meet a number of requirements set out by the FTSE Group, including having a full listing on the London Stock Exchange with a Sterling or Euro denominated price on the Stock Exchange Electronic Trading Service, and meeting certain tests on nationality, free float, and liquidity.

Continuous trading on the London Stock Exchange starts at 08:00 and ends at 16:30 (when the closing auction starts), and closing values are taken at 16:35.

Weighting[edit]

In the FTSE indices, share prices are weighted by market capitalisation, so that the larger companies make more of a difference to the index than smaller companies. The basic formula for these indices is:[5]


\text{Index level}=\frac{\sum_i(\text{Price of stock}_i\times\text{Number of shares}_i)\times\text{Free float adjustment factor}_i}{\text{Index divisor}}

The Free float Adjustment factor represents the percentage of all issued shares that are readily available for trading. The factor is then rounded up to the nearest multiple of 5%. To find the free-float capitalisation of a company, first find its market cap (number of shares x share price) then multiply by its free-float factor. Free-float capitalisation, therefore, does not include restricted stocks, such as those held by company insiders.

Constituents by market capitalisation as of May 2014[edit]

The following table lists the FTSE 100 companies measured by market capitalisation as of 29 May 2014.[6][7] The numbers of employees are taken from company reports, mostly dated between 2011 and 2012. The index consists of 100 companies, but there are 101 listings, as Royal Dutch Shell has both A and B class shares listed. Schroders Non Voting shares were also listed until 1 June 2012 when the FTSE's stricter rules came into force.

Company Ticker Sector Market cap (£bn) Employees
Aberdeen Asset Management ADN Fund management 4.9 1,800
Admiral Group ADM Insurance 3.4 2,500
Aggreko AGK Generator hire 4.6 4,262
AMEC AMEC Consulting 3.3 29,000
Anglo American plc AAL Mining 26 100,000
Antofagasta ANTO Mining 10.7 4,005
ARM Holdings ARM Engineering 13 2,000
Associated British Foods ABF Food 14 102,000
AstraZeneca AZN Pharmaceuticals 38 57,200
Aviva AV Insurance 10.4 40,800
Babcock International BCKIF Consulting 3.9 25,000
BAE Systems BTAS Military 11.8 107,000
Barclays BARC Banking 37 150,000
BG Group BG Oil and gas 49 6,625
BHP Billiton BLT Mining 44 46,370
BP BP Oil and gas 85 97,700
British American Tobacco BTI Tobacco 69 87,813
British Land Co BLND Property 5.1 177
BSkyB BSY Media 14 22,800
BT Group BT.A Telecomms 20 89,000
Bunzl BNZL Industrial products 4.3 12,368
Burberry Group BRBY Fashion 6.1 9,000
Capita CPI Support Services 5.9 46,500
Carnival plc CUK Leisure 4.6 86,800
Centrica CPYYY Energy 18 40,000
Coca-Cola HBC AG CCH Consumer 5.6 38,312
Compass Group CPG Food 15 471,108
CRH plc CRHCY Building materials 10.9 76,433
Croda International CRDA Chemicals 3.5 3,200
Diageo DGE Beverages 50 25,000
Eurasian Natural Resources EVR Mining 4.3 72,000
Evraz EVR Mining 3.5 110,000
Experian EXPN Information 11.7 17,000
Fresnillo plc FRES Mining 10.8 2,449
G4S GFS Security 4.1 657,125
GKN GKN Manufacturing 4.4 40,000
GlaxoSmithKline GSK Pharmaceuticals 73 97,389
Glencore International GLEN Mining 27 57,656
Hammerson HMSO Property 3.7 277
Hargreaves Lansdown HL Finance 4.1 650
HSBC HSBA Banking 129 267,000
IMI plc IMI Engineering 3.9 14,700
Imperial Tobacco Group ITY Tobacco 24 38,200
InterContinental Hotels Group IHG Hotels 5.7 345,000
International Consolidated Airlines Group SA IAG Transport air 4.5 58,476
Intertek Group ITRK Product testing 5.5 33,000
ITV plc ITV Media 4.8 4,059
J Sainsbury plc SBRY Supermarket 6.5 150,000
Johnson Matthey JMPLY Chemicals 4.9 9,700
Kingfisher plc KNGF Retail homeware 6.7 80,000
Land Securities Group LAND Property 6.6 700
Legal & General LGGNY Insurance 9.5 9,324
Lloyds Banking Group LLOY Banking 36 120,449
Marks & Spencer Group MKS Retailer 5.9 81,223
Meggitt MGGT Engineering 3.6 7,370
Melrose plc MRO Engineering 3.2 10,000
Morrison Supermarkets MRW Supermarket 6.5 132,000
National Grid plc NGGTF Energy 26 27,000
Next plc NXT Retail clothing 6.9 58,706
Old Mutual OML Insurance 10.2 54,368
Pearson plc PSORF Publishing 9.6 37,000
Petrofac PFC Oil and gas 5.1 18,200
Prudential plc PZYL Finance 25 25,414
Randgold Resources RRS Mining 4.9 6,954
Reckitt Benckiser RB Consumer goods 32 32,000
Reed Elsevier REL Publishing 8.9 30,200
Resolution Limited FLG Investment 3.7 40
Rexam REX Packaging 4.1 19,000
Rio Tinto Group RIO Mining 48 67,930
Rolls-Royce Group RR Manufacturing 19 55,500
Royal Bank of Scotland Group RBS Banking 18 150,000
Royal Dutch Shell RDSA Oil and gas 135 90,000
RSA Insurance Group RSA Insurance 4.2 21,000
SABMiller SAB Beverages 53 70,000
Sage Group SGE IT 4.3 12,300
Schroders SDR Fund management 5.5 3,012
Serco Group SRP Outsourced services 3.1 100,000
Severn Trent SVT Water 3.8 8,051
Shire plc SHPGY Pharmaceuticals 11.7 4,200
Smith & Nephew SNN Medical 6.4 11,000
Smiths Group SMIN Engineering 5.0 23,550
SSE plc SSEZY Energy 13 20,000
Standard Chartered STAN Banking 43 86,865
Standard Life SL Fund management 8.8 10,500
Tate & Lyle TATE Food 3.9 5,616
Tesco TSCO Supermarket 29 519,671
TUI Travel TT Leisure 3.5 53,000
Tullow Oil TLW Oil and gas 11.2 890
Unilever ULVR Consumer goods 34 171,000
United Utilities UU Water 5.0 5,096
Vedanta Resources VED Mining 1.2 32,000
Vodafone Group VOD Telecomms 83 86,373
Weir Group WEIR Engineering 5.0 14,000
Whitbread WTRZ Retail hospitality 4.5 86,800
Wolseley plc WOSYY Building materials 9.1 44,000
Wood Group WG Oil and gas 0.8 41,000
WPP plc WPPGY Media 13 162,000
Xstrata XTA Mining 35 38,561

Current constituents[edit]

The current constituents following the changes of 23 June 2014 are as follows:[8]

Past constituents[edit]

source: FTSE: FTSE 100 Constituent Changes PDF (57.9 KB)

FT 30[edit]

Main article: FT 30

The oldest continuous index in the UK is the FT 30, also known as the Financial Times Index or the FT Ordinary Index (FTOI).[171] It was established in 1935 and nowadays is largely obsolete due to its redundancy. It is similar to the Dow Jones Industrial Average, and companies listed are from the industrial and commercial sectors. Financial sector companies and government stocks are excluded.

Of the original constituents,[172] four are currently in the FTSE 100: Guest Keen & Nettlefolds (GKN), Tate & Lyle, Imperial Tobacco and Rolls-Royce, although Rolls-Royce has not been continuously listed and Imperial Tobacco was a subsidiary of Hanson for a number of years. ICI was removed when it was taken over by Akzo Nobel in January 2008. Two of the original FT 30 companies are still in that index:[173] GKN and Tate & Lyle (membership is not strictly based on market capitalisation, so this does not mean they are necessarily among the top thirty companies in the FTSE 100). The best performer from the original lineup has been Imperial Tobacco.[174]

See also[edit]

Other lists
Stock market lists

Notes[edit]

  1. ^ a b c d e f "FTSE 100 Index Factsheet". FTSE Group. Retrieved 30 October 2012. 
  2. ^ FTSE 100 edges to new 14 year high
  3. ^ Ground Rules for the Management of The UK Series of the FTSE Actuaries Share Indices (section 5)
  4. ^ FTSE UK Quarterly Review
  5. ^ FTSE Capitalisation methodology via Wikinvest
  6. ^ See 'FTSE All-Share Index Ranking (unofficial guide)'
  7. ^ See also, "Top ten most valuable companies in the FTSE 100: in pictures". The Telegraph (London). 10 March 2011. Retrieved 16 April 2011. 
  8. ^ "FTSE Confirms 3i Group, Intu Properties To Join FTSE 100". LSE. 4 June 2014. Retrieved 24 June 2014. 
  9. ^ Buoyant Lloyds TSB offloads insurer Abbey Life The Guardian, 1 August 2007
  10. ^ William Kay (6 September 2004). "HBOS fury as EU backs Santander's Abbey bid". The Independent (London). 
  11. ^ "A&L shareholders approve takeover". BBC News. 16 September 2008. Retrieved 2008-09-17. 
  12. ^ "Terra Firma drops Boots bid plan". BBC News. 2007-04-24. Retrieved 2012-10-25. 
  13. ^ Pernod Ricard successfully completes acquisition of Allied Domecq, from the Pernod Ricard website
  14. ^ Unification of companies[dead link]
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  17. ^ "Argos attacks GUS offer". BBC News. 1998-02-26. Retrieved 2009-10-13. 
  18. ^ Argyll Group plc intends a stock buy back
  19. ^ Worms & Cie launches tender offer
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  21. ^ The Economist, The man who bought trouble. Consulted on July 18, 2007.
  22. ^ International Trader
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  24. ^ Bass to become Six Continents The Guardian, 27 June 2001
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  27. ^ Rumours of Rentokil bid boost BET The Independent, 15 February 1996
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  29. ^ "Tony Berry, former Chairman, Blue Arrow". Managementtoday.co.uk. Retrieved 2012-10-25. 
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  31. ^ Statement on Linde homepage
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  68. ^ Ferranti TimelineMuseum of Science and Industry (Accessed 17-02-2009)
  69. ^ Door still open for agreed takeover of Fisons The Independent, 22 August 1995
  70. ^ a b Granada buys maximum stake
  71. ^ French rival seals Freeserve deal
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  73. ^ Gallaher agrees £7.5bn Japan Tobacco takeover The Scotsman
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  76. ^ a b Wimpey and Woodrow agree to merge
  77. ^ Closed-End Funds Open Plays for the Intrepid Investor International Herald Tribune, 21 January 1995
  78. ^ Caterer Search
  79. ^ Lloyds-backed Alternative Hotels Group may be sold Daily Mail, 12 February 2011
  80. ^ a b Spirits soar at Diageo Food & Drug Packaging, July 2005
  81. ^ Axa of France to buy Guardian of Britain New York Times, 2 February 1999
  82. ^ GUS to split into two publicly traded units
  83. ^ Mothercare Chief Executive ousted after fourth profits warning in under a year
  84. ^ Openwork: History
  85. ^ Heidelberg to buy Hanson for £8bn
  86. ^ AIM 25
  87. ^ Brush Traction: History
  88. ^ "Lloyds TSB Seals Merger with HBOS". BBC News. 17 September 2008. Retrieved 17 September 2008. 
  89. ^ Hicks Muse buying a British food company
  90. ^ House of Fraser agrees Baugur bid
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  92. ^ Gulf Resources & Chemical Corporation
  93. ^ RWE is set to buy Innogy New York Times, 18 March 2002
  94. ^ Scott, Mark (16 April 2012). "GDF Suez to Buy Remaining Stake in British Utility for $10 Billion". The New York Times. Retrieved 2012-06-06. 
  95. ^ "LSE to replace Invesco in UK's FTSE 100". Reuters. 30 November 2007. Retrieved 2007-12-01. 
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  97. ^ "Kelda Group PLC (UK): Scheme of Arrangement". FTSE Group. 4 February 2008. Retrieved 2008-02-18. 
  98. ^ Larkin, Nicholas (8 February 2008). "Montagu, Partners to Buy Biffa for 1.2 Billion Pounds". Bloomberg. Retrieved 2008-02-18. 
  99. ^ Kingston Communications changes name to KCOM Group Comms Dealer, 16 August 2007
  100. ^ "Kwik Save weighs heavily on Somerfield results". FoodAndDrinkEurope.com (Decision News Media SAS). 9 April 2003. Retrieved 5 May 2007. 
  101. ^ Rockwood launched Chemical Market Reporter, December 2000
  102. ^ Eni swoops on Lasmo BBC News, 21 December 2000
  103. ^ Grid and Lattice form utility supergroup The Telegraph, 22 April 2002
  104. ^ London Electricity goes to France BBC News, 30 November 1998
  105. ^ The Investment Case – Lonmin plc Moneyweb, 1 April 2011
  106. ^ a b TRW is near deal to buy Lucas Varity
  107. ^ Berisford International PLC acquires Magnet Ltd(Water Meadow Hldg) from Magnet Group PLC Alacrastore, 3 March 1994
  108. ^ Bankruptcy Explanation By Maxwell New York Times, 18 December 1991
  109. ^ Information on Novar plc
  110. ^ Harrold heralds start of new era at MEPC: Hermes man outlines new business plan for developer Property Week, 24 October 2003
  111. ^ Merrill cleared to buy British Fund Manager New York Times, 24 December 1997
  112. ^ MFI sells store chain in £1 deal BBC News, 22 September 2006
  113. ^ "Aquila Completes Purchase of Ownership Interest in Midlands Electricity.". Business Wire. 2002-05-08. Retrieved 2008-09-05. 
  114. ^ HSBC Group in Europe
  115. ^ Farrelly, Paul RBS issues ultimatum in £27bn bid for NatWest The Observer, 28 November 1999
  116. ^ NFC and Ocean forge £3.2bn alliance to exploit e-commerce The Independent, 22 February 2000
  117. ^ Boparan wins Northern Foods with £341m bid FT.com
  118. ^ "Northern Rock to be nationalised". BBC News. 2008-02-17. Retrieved 2008-04-08. 
  119. ^ "Telefonica bids £18 billion for U.K.'s O2". BBC News. 2005-10-31. Retrieved 2010-04-25. 
  120. ^ "France Télécom to buy Orange for £25.1bn". London: The Independent. 2000-05-30. Retrieved 2008-12-26. 
  121. ^ "Gambling firms Partygaming and Bwin reveal merger plan". BBC News. July 29, 2010. Retrieved July 29, 2010. 
  122. ^ P&O agrees bid from Dubai Ports BBC News, 29 November 2005
  123. ^ EC Clears Carnival and P&O Princess Merge Marinelink, 11 February 2003
  124. ^ Pilkington in Japanese takeover
  125. ^ IPD Group: GEC History
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  127. ^ "E.ON to buy Powergen". 
  128. ^ Thomson-CSF seals Racal deal BBC News (Jan. 13, 2000) Accessed Jan. 20, 2006
  129. ^ Railtrack goes bankrupt with debts of £3.3bn Independent, 8 October 2001
  130. ^ RHM agrees £1.2bn Premier Foods bid Times-on-line, 4 December 2006
  131. ^ Reckitt & Coleman announce further delay to Dutch merger The Independent, 7 November 1999.
  132. ^ Redlands needs White Knights, The Independent, 16 October 1997
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  135. ^ Mexican firm buys RMC for £2.3bn
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  141. ^ Wm Morrison tables £3bn bid for Safeway
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  145. ^ "Sears turns to Green". BBC News. 1999-01-21. Retrieved 2009-02-28. 
  146. ^ Group 4 Falck and Securicor plc announce terms of merger Nordic Business Report, 24 February 2004
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  148. ^ Relief for Sema shareholders at Schlumberger buy-out The Independent, 12 February 2001
  149. ^ Shell shareholders agree merger BBC News, 2005
  150. ^ Proposed Merger of Smiths Industries plc: "Smiths Industries" and "TI Group" Business Wire, 17 November 2000
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  156. ^ Thames to agree £4.3bn RWE takeover Independent, 25 September 2000
  157. ^ Company history
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  159. ^ C&W makes offer for Thus Reuters, 30 June 2008
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  161. ^ "Tomkins agrees to £2.9bn takeover deal". BBC News. July 27, 2010. Retrieved July 27, 2010. 
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  163. ^ Lloyds Bank to merge with TSB Group New York Times, 12 October 1995
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  167. ^ Williams plunges 14% as margins shrink Independent, 19 July 2000
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  171. ^ The History Channel - Financial Times Index. Retrieved 2008-08-08
  172. ^ Original constituents
  173. ^ Remaining companies in the FT30
  174. ^ Eckett, Stephen (ed.) (2004), The UK Stock Market Almanac 2005, Petersfield, Harriman House. ISBN 1-897597-46-0

External links[edit]