 Enterprise Inns will be 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.
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 rose 2.2% to 655 pence on Tuesday, lifting its market value to about �2.2bn ($4bn).
The group reported a 51% jump in annual earnings last November, and operates more than 5,000 outlets in the UK.
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