Kingfisher Drops Out Of The FTSE 100

Kingfisher has been relegated to the FTSE 250, having dropped out of the top 100 UK companies following the latest FTSE 100 reshuffle.

TUI and NMC Health also dropped out, making way for Intermediate Capital, Pennon and Fresnillo. 

For a company to retain its position in the FTSE 100, it must be one of the 110 largest firms in the London Stock Exchange's Main Market when FTSE Russell (the owner of the FTSE Group) conducts a reshuffle.  A company can also be promoted if it rises to 90th place or higher.

Tesco, Sainsbury’s, JD Sports, Next and Morrisons are now the only bricks and mortar retailers left in the FTSE 100.  Morrisons managed to retain its position, despite fears it would drop out.

The relegation will be a blow for the business which has experienced ongoing difficulties, particularly in its French division, and has only recently finalised its executive team, following the appointment of Thierry Garnier as CEO in autumn 2019. 

Kingfisher's shares closed at 188.85p on 4th March, down from 377.2p in June 2015 when the ONE Kingfisher strategy, designed to bring synergy and efficiency to the business and return £500m in annual profit, was announced.

Source : Insight DIY Team

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