 Enterprise Inns is toasting its success |
Index provider FTSE has said the UK's second biggest pubs operator Enterprise Inns is to replace Foreign & Colonial Investment Trust in the FTSE 100. The change is the only one in the prestigious list this time around.
FTSE reshuffles its benchmark index each quarter to ensure that the UK's largest firms are represented.
Membership of the FTSE 100 is important, as some fund managers and pension funds will only invest in the shares of firms in the flagship index.
Shake-up
The reshuffle is based on Tuesday's closing market prices, and was confirmed by FTSE at a meeting on Wednesday.
The change will take effect on 22 March.
Enterprise Inns shares were trading at 644 pence on Wednesday, with a market value close to �2.2bn ($4bn).
The group reported a 51% jump in annual earnings last November, and operates more than 5,000 outlets in the UK.
It had been widely tipped to join the FTSE 100 index beating fellow front-runners music giant EMI and bookmaker William Hill.
Mining group Antofagasta was a recent entry to the prestigious index, replacing Safeway following the completion of its takeover by supermarket chain Morrisons.
Casualties of the latest quarterly review include Psion and Bookham Technology, who will both be dropped from the FTSE 250 index.
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