28th May 2024 20:52
(Alliance News) - Both Ocado Group PLC and St James's Place PLC, nursing sizeable share price declines so far in 2024, are set for a FTSE 100 demotion, according to indicative index changes by FTSE Russell on Tuesday.
Final index review findings are released on June 5, using data from a day earlier.
Based on closing on data as of Friday, grocer and warehouse technology firm Ocado is set for the FTSE 100 chop, with wealth manager St James's Place also set for relegation. Shares in Ocado have plunged 46% so far this year, while St James's Place has shrunk 28%.
Cybersecurity firm Darktrace PLC, which has surged 60% this year, is set for a promotion to the blue-chip index. Alongside it, housebuilder Vistry PLC is also favourite to go up, with its stock rising 37% year-to-date.
"Ocado and St James' Place, the wealth management company, are expected to be demoted to the FTSE 250, even though SJP has seen its share price rise by 13% in the past month," XTB analyst Kathleen Brooks commented.
Ocado shares jumped 10% on Tuesday, despite the wider FTSE 100 falling 0.8%.
Brooks added: "The fact that Ocado and SJP have rallied into their demotions is interesting, and if they continue to recover then they may not be in the FTSE 250 for long."
There are a host of possible other changes in the FTSE 250, with financial services firm Alpha Group International PLC, investment trust Brunner Investment Trust PLC, asset manager Liontrust Asset Management PLC and pensions consulting and administration services firm XPS Pensions Group PLC set for promotion to the mid-cap index.
Iron ore pellets producer Ferrexpo PLC, National Express owner Mobico Group PLC, and investment funds NextEnergy Solar Fund Ltd and Octopus Renewables Infrastructure Trust PLC are set for demotion from the FTSE 250.
By Eric Cunha, Alliance News news editor
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