FTSE 100 Index

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FTSE 100 Index
FTSE 100 index chart since 1984.png
FTSE 100 Index performance between 1984 and 2015
Foundation 1984[1]
Operator FTSE Group[1]
Exchanges London Stock Exchange[1]
Constituents 101[1]
Type Large cap
Market cap £1.7 trillion
(as of Sept 2016)[1]
Weighting method Capitalization-weighted[1]
Related indices
Website www.ftse.com

The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie" /ˈfʊtsi/, is a share index of the 100 companies listed on the London Stock Exchange with the highest market capitalization. It is seen as a gauge of prosperity for businesses regulated by UK company law. The index is maintained by the FTSE Group, a subsidiary of the London Stock Exchange Group.

The index began on 3 January 1984 at the base level of 1000; the highest closing value reached to date is 7103.98 on 27 April 2015,[2] the previous peak having been over 15 years previously, on the last trading day of 1999, during the dot-com bubble.[3][4][5] 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 its record high on the market close of 27 April 2015, more than doubling in value from the crash in 2009. The highest intra-day value was 7,129 on 11 October 2016.[6]

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 1nbsp;seconds when the market is open.

The FTSE 100 consists of the largest 100 qualifying UK companies by full market value.[7] A large slice of these are international companies, however, so the index's movements are a fairly weak indicator of how the UK economy is faring.[8] A better indication of the UK economy is the FTSE 250 as it contains a smaller proportion of international companies.[9] The constituents of the FTSE 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.[10]

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.

The constituent companies were criticised for their lack of diversity at the boardroom level in a 2014 study which found that more than half of them had no non-white board members, and two thirds did not have any executive directors from minorities.[11]

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:[12]

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.

Current constituents by market capitalisation as of February 2016[edit]

The following table lists the FTSE 100 companies measured by market capitalisation after the most recent changes on 15 February 2016.[13][14] The numbers of employees are taken from company reports, mostly dated between 2013 and 2015, and the Financial Times. 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
3i III Private equity 4.06 266
Aberdeen Asset Management ADN Fund management 3.14 1,800
Admiral Group ADM Insurance 4.91 2,500
Anglo American plc AAL Mining 6.09 100,000
Antofagasta ANTO Mining 4.71 4,005
ARM Holdings ARM Engineering 13.2 2,000
Ashtead Group AHT Equipment rental 4.26 12,810
Associated British Foods ABF Food 25.77 102,000
AstraZeneca AZN Pharmaceuticals 51.23 57,200
Aviva AV. Insurance 17.69 40,800
Babcock International BAB Engineering 4.65 34,000
BAE Systems BA. Military 16.01 107,000
Barclays BARC Banking 27.18 150,000
Barratt Developments BDEV Building 5.86 5,000
Berkeley Group Holdings BKG Building 4.60 2,050
BHP Billiton BLT Mining 41.88 46,370
BP BP Oil and gas 63.13 97,700
British American Tobacco BATS Tobacco 71.4 87,813
British Land BLND Property 7.13 177
BT Group BT.A Telecomms 45.61 89,000
Bunzl BNZL Industrial products 6.38 12,368
Burberry BRBY Fashion 5.65 10,851
Capita CPI Support Services 7.38 46,500
Carnival Corporation & plc CCL Leisure 24.85 86,800
Centrica CNA Energy 10.72 40,000
Coca-Cola HBC AG CCH Consumer 5.1 38,312
Compass Group CPG Food 20.21 471,108
CRH plc CRH Building materials 10.9 76,433
DCC plc DCC Investments 5.03 9,804
Diageo DGE Beverages 46.01 25,000
Direct Line Group DLG Insurance 5.15 13,900
Dixons Carphone DC. Retail 5.16 40,000
EasyJet EZJ Travel 6.17 11,000
Experian EXPN Information 11.1 17,000
Fresnillo plc FRES Mining 6.99 2,449
GKN GKN Manufacturing 4.79 50,000
GlaxoSmithKline GSK Pharmaceuticals 67.38 97,389
Glencore GLEN Mining 16.96 57,656
Hammerson HMSO Property 4.42 277
Hargreaves Lansdown HL Finance 5.87 650
Hikma Pharmaceuticals HIK Manufacturing 3.71 6,000
HSBC HSBA Banking 88.11 267,000
Imperial Brands IMB Tobacco 35.78 38,200
Inmarsat ISAT Telecomms 4.47 1,590
InterContinental Hotels Group IHG Hotels 5.75 345,000
International Consolidated Airlines Group SA IAG Travel 11.01 58,476
Intertek ITRK Product testing 4.67 33,000
Intu Properties INTU Property 3.89 2,180
ITV plc ITV Media 10.15 4,059
Johnson Matthey JMAT Chemicals 4.79 9,700
Kingfisher plc KGF Retail homeware 7.8 80,000
Land Securities LAND Property 8.19 700
Legal & General LGEN Insurance 13.21 9,324
Lloyds Banking Group LLOY Banking 44.11 120,449
London Stock Exchange Group LSE Finance 8.06 4,692
Marks & Spencer MKS Retailer 7.01 81,223
Merlin Entertainments MERL Leisure 4.42 28,000
Mondi MNDI Manufacturing 6.37 26,000
National Grid plc NG Energy 36.14 27,000
Next plc NXT Retail clothing 6.9 58,706
Old Mutual OML Insurance 8.45 54,368
Pearson PLC PSON Education 6.52 37,000
Persimmon plc PSN Building 6.34 2,450
Provident Financial PFG Finance 4.74 3,110
Prudential plc PRU Finance 31.63 25,414
Randgold Resources RRS Mining 5.89 6,954
Reckitt Benckiser RB Consumer goods 46.32 32,000
RELX Group REL Publishing 25.54 28,500
Rexam REX Packaging 25.54 19,000
Rio Tinto Group RIO Mining 34.84 67,930
Rolls-Royce Holdings RR. Manufacturing 11.8 55,500
Royal Bank of Scotland Group RBS Banking 28.6 150,000
Royal Dutch Shell RDSA Oil and gas 160.12 90,000
Royal Mail RMG Delivery 4.41 150,000
RSA Insurance Group RSA Insurance 4.16 21,000
SABMiller SAB Beverages 67.32 70,000
Sage Group SGE IT 6.26 12,300
Sainsbury's SBRY Supermarket 5.02 150,000
Schroders SDR Fund management 6.63 3,012
Severn Trent SVT Water 5.04 8,051
Shire plc SHP Pharmaceuticals 22.52 4,200
Sky plc SKY Media 17.5 22,800
Smith & Nephew SN. Medical 10.27 11,000
Smiths Group SMIN Engineering 3.84 23,550
Sports Direct SPD Retail 2.4 17,210
SSE plc SSE Energy 14.03 19,965
Standard Chartered STAN Banking 13.52 86,865
Standard Life SL Fund management 6.63 10,500
St. James's Place plc STJ Finance 4.68 1,230
Taylor Wimpey TW. Building 5.99 3,860
Tesco TSCO Supermarket 14.92 519,671
Travis Perkins TPK Retailer 4.46 24,000
TUI Group TUI Leisure 5.99 76,000
Unilever ULVR Consumer goods 90.42 171,000
United Utilities UU Water 6.36 5,096
Vodafone Group VOD Telecomms 56.55 86,373
Whitbread WTB Retail hospitality 7.09 86,800
Wolseley plc WOS Building materials 9.20 44,000
Worldpay WPG Payment services 5.9 4,500
WPP plc WPP Media 19.01 162,000

Current constituents[edit]

The current constituents following the changes of 5 October 2016 are as follows:[15]

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).[184] 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,[185] 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:[186] 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.[187]

See also[edit]

Other lists
Stock market lists

Notes[edit]

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  12. ^ FTSE Capitalisation methodology via Wikinvest
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External links[edit]