FTSE 100 Index
The FTSE 100 Index (IPA: /ˈfʊtsiː/, footsie, abbreviated Financial Times Stock Exchange Index) is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange. The index began on 3 January 1984 with a base level of 1000; the highest value reached to date is 6950.6, on 30 December 1999.
Overview
The index is maintained by the FTSE Group, an independent company which originated as a joint venture between the Financial Times and the London Stock Exchange. It is calculated in real-time and published every 15 seconds.
FTSE 100 companies represent about 80% of the market capitalisation of the whole 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 lists 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. As of 30th September 2008, the net market capitalisation of FTSE 100 Index was £1,171 billion.[1]
The constituents of the index are determined quarterly; the largest companies in the FTSE 250 Index are promoted if their market capitalisation would place them in the top ninety firms of the FTSE 100 Index. As of 2006[update], the threshold for inclusion is about £2.9 billion. As of 29 December 2006 the six largest constituents of the index were BP, Royal Dutch Shell, HSBC Holdings, the Vodafone Group, the Royal Bank of Scotland Group and GlaxoSmithKline, which were each valued at more than £60 billion.
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 dominated price on SETS, and meeting certain tests on nationality, free float, and liquidity.
With only historical exceptions, the companies listed on this index must by law include the abbreviation 'plc' at the end of their name, indicating their status of public limited company.
Trading lasts from 08.00–16.29 (when the closing auction starts), and closing values are taken at 16.35.
Weighting
They involve the total market capitalization of the companies weighted by their effect on the index, so the larger stocks would make more of a difference to the index as compared to a smaller market cap company. This is also called the free float method. The basic formula for any index is (be it capitalization weighted or any other stock index)[2]:
- Index level= Σ(Price of stock* Number of shares)*Free float factor/ Index Divisor.
The Free float Adjustment factor represents the proportion of shares that is floated as a percentage of issued shares and then its rounded up to the nearest multiple of 5% for calculation purposes. To find the free-float capitalization of a company, first find its market cap (number of outstanding shares x share price) then multiply its free-float factor. The free-float method, therefore, does not include restricted stocks, such as those held by company insiders.
List of FTSE 100 companies
This reflects the quarterly reshuffle effective 22 September 2008.[3]
There are 100 companies in the index, but a total of 102 listings as two classes of shares are included for Royal Dutch Shell and Schroders.
- 3i
- Admiral Group
- Alliance Trust
- AMEC
- Anglo American
- Antofagasta
- Associated British Foods
- AstraZeneca
- Autonomy Corporation
- Aviva
- BAE Systems
- BG Group
- BHP Billiton
- BP
- BT Group
- Barclays
- British Airways
- British American Tobacco
- British Energy Group
- British Land Company
- British Sky Broadcasting Group
- Bunzl
- Cable & Wireless
- Cadbury
- Cairn Energy
- Capita Group
- Carnival
- Centrica
- Cobham
- Compass Group
- Diageo
- Drax Group
- Eurasian Natural Resources Corporation
- Experian
- FirstGroup
- Fresnillo
- Friends Provident
- G4S
- GlaxoSmithKline
- HBOS
- HSBC
- Hammerson
- ICAP
- Imperial Tobacco
- Inmarsat
- InterContinental Hotels Group
- International Power
- Invensys
- Johnson Matthey
- Kazakhmys
- Kingfisher
- Land Securities Group
- Legal & General
- Liberty International
- Lloyds TSB
- London Stock Exchange Group
- Lonmin
- Man Group
- Marks & Spencer
- Wm Morrison Supermarkets
- National Grid
- Next
- Old Mutual
- Pearson
- Petrofac
- Prudential
- RSA Insurance Group
- Reckitt Benckiser
- Reed Elsevier
- Rexam
- Rio Tinto Group
- Rolls-Royce Group
- Royal Bank of Scotland Group
- Royal Dutch Shell
- SABMiller
- Sage Group
- J Sainsbury
- Schroders
- Scottish and Southern Energy
- Severn Trent
- Shire Pharmaceuticals Group
- Smith & Nephew
- Smiths Group
- Stagecoach Group
- Standard Chartered Bank
- Standard Life
- Tesco
- Thomas Cook Group
- Thomson Reuters
- TUI Travel
- Tullow Oil
- Unilever
- United Utilities
- Vedanta Resources
- Vodafone
- WPP Group
- Whitbread
- Wolseley
- Wood Group
- Xstrata
Market capitalisation
The following table lists the 33 FTSE 100 companies which had a market capitalisation of £10 billion or more on 31 December 2007, the last trading day of 2007.
Rank |
Company |
Capitalisation (£m) |
1 |
Royal Dutch Shell |
134,376.32 |
2 |
BP |
116,722.52 |
3 |
HSBC |
99,573.75 |
4 |
Vodafone Group |
98,837.71 |
5 |
GlaxoSmithKline |
71,305.15 |
6 |
Rio Tinto Group[4] |
53,249.29 |
7 |
Royal Bank of Scotland Group |
44,741.32 |
8 |
Anglo American |
40,826.49 |
9 |
British American Tobacco |
40,264.60 |
10 |
BG Group |
38,663.88 |
11 |
Tesco |
37,547.56 |
12 |
BHP Billiton[5] |
35,131.42 |
13 |
Xstrata |
34,494.18 |
14 |
Barclays plc |
32,975.87 |
15 |
AstraZeneca |
32,017.50 |
16 |
Diageo |
28,326.51 |
17 |
HBOS |
27,543.08 |
18 |
Lloyds TSB |
26,574.59 |
19 |
Standard Chartered |
25,801.42 |
20 |
Unilever[6] |
24,758.06 |
21 |
BT Group |
22,026.04 |
22 |
National Grid |
21,690.25 |
23 |
SABMiller |
21,188.52 |
24 |
Reckitt Benckiser |
20,852.97 |
25 |
Imperial Tobacco Group |
18,381.72 |
26 |
Prudential |
17,514.73 |
27 |
BAE Systems |
17,468.18 |
28 |
Aviva |
17,463.78 |
29 |
Scottish and Southern Energy |
14,021.28 |
30 |
Centrica |
13,165.69 |
31 |
Cadbury Plc |
13,052.16 |
32 |
British Sky Broadcasting |
10,850.10 |
33 |
Rolls-Royce |
10,468.82 |
Source: File linked from this page on the London Stock Exchange's official site. Companies which do not have their primary listing on the London Stock Exchange are not eligible for membership of the FTSE 100 Index and have been excluded.
Former members of the FTSE 100 index
- Abbey Life (became subsidiary of Lloyds TSB in 1996, then sold to Deutsche Bank in 2007)[7][8]
- Abbey National (acquired by Banco Santander Central Hispano)
- Alliance & Leicester (acquired by Banco Santander Central Hispano)
- Alliance Boots (acquired by private equity fund controlled by Kohlberg Kravis Roberts)
- Allied Domecq (acquired by Pernod Ricard)
- Allied Zurich (dual holding company along with Zurich Allied, companies unified in 2000 to form Zurich Financial Services)[9]
- Amersham (acquired by GE)
- Amstrad (acquired by British Sky Broadcasting)
- Argos (now owned by Home Retail Group)
- Argyll Group (renamed Safeway in 1996, then taken over by Morrisons in 2004)
- Arjo Wiggins Appleton (acquired by Worms & Cie)
- ARM Holdings
- ASDA Group (acquired by Wal-Mart)
- BAA (acquired by Ferrovial)
- Baltimore Technologies (acquired by Oryx International Growth Fund)
- Bank of Scotland (now part of HBOS)
- Barratt Developments
- Bass (became Six Continents and then InterContinental Hotels Group)
- Beecham Group (now part of GlaxoSmithKline)
- Berisford (renamed Enodis)
- BET, formerly British Electric Traction (acquired by Rentokil, now Rentokil Initial)
- Bhs (acquired by Storehouse and then sold to Philip Green)
- BICC (renamed Balfour Beatty)
- Blue Arrow (acquired by Corporate Services Group)
- Blue Circle Industries (acquired by Lafarge)
- BOC (acquired by The Linde Group)
- Bowater (renamed Rexam)
- Bookham Technology (now traded on Nasdaq)
- BPB Industries (acquired by Saint-Gobain)
- Bradford & Bingley (branch network acquired by Banco Santander Central Hispano; loans book nationalised)
- British Aerospace (now part of BAE Systems)
- British & Commonwealth (collapsed in 1990)
- Brambles Industries
- British Steel (acquired by Corus Group, itself now part of Tata Steel)
- Britoil (acquired by BP)
- BTR (renamed Invensys)
- Burmah Castrol (acquired by BP)
- Burmah Oil (renamed Burmah Castrol and acquired by BP)
- Burton Group (acquired by Arcadia)
- Carlton Communications (merged with Granada to form ITV)
- Carphone Warehouse Group
- Celltech (acquired by UCB in 2004)
- CMG (merged with Logica to form LogicaCMG)
- Coats Viyella (taken private and renamed Coats)
- COLT Telecom Group
- Compass Group
- Commercial Union Assurance (merged with General Accident to form CGU, itself now part of Aviva)
- Consolidated Gold Fields (acquired by Hanson)
- Cookson Group
- Corus Group (acquired by Tata Steel)
- Courtaulds (demerged into two businesses acquired by Sara Lee and Akzo Nobel)
- Daily Mail and General Trust
- Dalgety (renamed Sygen International and acquired by Genus)
- Debenhams
- De La Rue
- Dimension Data Holdings
- Distillers (acquired by Guinness; now part of Diageo)
- Dixons Group (renamed to DSG International)
- Dowty Group (acquired by TI Group, itself now part of Smiths Group)
- DSG International
- Eagle Star (acquired by BAT Industries and then demerged as part of Zurich Financial Services)
- Eastern Group (acquired by Texas Utilities and then Powergen, now part of E.ON UK)
- ECC Group (acquired by Imetal)
- Edinburgh Investment Trust
- Electrocomponents
- EMAP
- EMI Group (acquired by Terra Firma Capital Partners)
- Energis (acquired by Cable and Wireless)
- English China Clays (acquired by Imetal)
- Enterprise Inns
- Enterprise Oil (acquired by Royal Dutch Shell)
- Eurotunnel
- EXCO International (acquired by British & Commonwealth)
- Exel (acquired by Deutsche Post)
- Ferranti International (collapsed)
- Ferrexpo
- Fisons (acquired by Rhone-Poulenc Rorer, now Sanofi-Aventis)
- Foreign & Colonial Investment Trust
- Forte (acquired by Granada, now ITV)
- Freeserve (acquired by France Telecom)
- Gallaher Group (acquired by Japan Tobacco)
- Gateway Corporation (acquired by Somerfield)
- GEC, formerly General Electric Company (renamed Marconi and then Telent)
- General Accident (merged with Commercial Union to form CGU, itself now part of Aviva)
- George Wimpey (merged with Taylor Woodrow to form Taylor Wimpey)
- GKN
- Glaxo Wellcome (now part of GlaxoSmithKline)
- Globe Investment Trust (acquired by British Coal Pension Fund)
- Granada Compass (split in 2001 to leave Granada and Compass Group)
- Granada (merged with Carlton Communications to form ITV)
- Greenalls Group (renamed De Vere Group)
- Grand Metropolitan (merged with Guinness to form Diageo)
- Guardian Royal Exchange (acquired by Sun Life)
- Guinness (merged with Grand Metropolitan to form Diageo)
- GUS (now demerged into Home Retail Group and Experian)
- Habitat Mothercare (later became part of merger forming Storehouse)
- Halifax Group (now part of HBOS)
- Hambro Life (acquired by Allied Dunbar, itself acquired by BAT Industries and then demerged as part of Zurich Financial Services)
- Hanson (acquired by Heidelberg Cement)
- Harrisons & Crosfield (renamed Elementis)
- Hawker Siddeley (acquired by BTR, now Invensys)
- Hays
- Hillsdown Holdings (acquired by Hicks, Muse, Tate and Furst and then sold on as Premier Foods)
- Home Retail Group
- House of Fraser (acquired by Baugur)
- Imperial Chemical Industries (acquired by Akzo Nobel)
- Imperial Continental Gas (acquired by Calor)
- Inchcape
- Innogy Holdings (acquired by RWE, now part of Npower)
- Invesco, moved primary listing to NYSE
- ITV
- Jaguar (acquired by Ford)
- Kelda Group (acquired by Saltaire Water consortium)
- Kingston Communications (renamed KCOM Group)
- Kwik Save Group (merged with Somerfield)
- Ladbrokes
- Laporte (major divisions acquired by Kohlberg Kravis Roberts)
- LASMO (now part of Eni)[10]
- Lattice (merged with National Grid to form National Grid Transco)
- Logica
- London Electricity (acquired by Electricite de France)
- Lonhro (renamed Lonmin)
- Lucas Industries (merged with Varity to form LucasVarity, then acquired by Northrop Grumman)
- LucasVarity (acquired by Northrup Grumman)
- Magnet and Southerns (taken private)
- Maxwell Communications (collapsed)
- MB-Caradon (renamed Caradon and then Novar, then acquired by Honeywell)
- MEPC (acquired by Lecon Port Estates)
- Mercury Asset Management (acquired by Merrill Lynch)
- MFI Furniture (renamed Galiform)
- Midlands Electricity (acquired by Acquila Sterling, now part of E.ON UK)
- Midland Bank (acquired by HSBC)
- Misys
- Mitchells & Butlers
- NatWest (now part of Royal Bank of Scotland Group)
- NFC formerly National Freight Corporation (merged with Ocean Group to form Exel, now part of Deutsche Post)
- Northern Foods
- Northern Rock (market capitalisation fell too low, before being nationalised)
- Norwich Union (merged with CGNU to form Aviva)
- Nycomed Amersham (acquired by GE)
- O2 (now part of Telefónica O2)
- Orange (acquired by France Telecom)
- PartyGaming
- P&O (acquired by Dubai Ports World)
- P&O Princess Cruises (acquired by Carnival)
- Persimmon
- Pilkington (acquired by Nippon Sheet Glass)
- Plessey (acquired by GEC and Siemens)
- Polly Peck (collapsed)
- PowerGen (acquired by E.ON UK)
- Provident Financial
- Psion
- Punch Taverns
- Racal Electronics (acquired by Thales Group)
- Railtrack (collapsed)
- Rank Hovis McDougall (now part of Premier Foods)
- Reckitt and Coleman (merged with Benckiser to form Reckitt Benckiser)
- Redland (acquired by Lafarge)
- Reed International (merged with Elsevier to form Reed Elsevier)
- Rentokil Initial
- Resolution
- RMC Group (acquired by Cemex)
- Rothmans International (acquired by British American Tobacco)
- J Rothschild (renamed St James's Place Capital)
- Rowntree's (acquired by Nestlé)
- Royal Insurance (now part of Royal & SunAlliance)
- Saatchi & Saatchi (acquired by Publicis)
- Safeway (acquired by Morrisons)
- Scottish & Newcastle (acquired by a consortium formed of Heineken & Carlsberg)
- Scottish Hydro Electric (merged with Southern Electric to form Scottish and Southern Energy)
- Scottish Power (acquired by Iberdrola)
- Sears (acquired by January Investments - itself controlled by Philip Green)
- Securicor (merged with Group 4 Falck to form G4S)
- Sedgwick (acquired by Marsh & McLennan)
- SEGRO
- Sema Group (acquired by Schlumberger)
- Shell Transport and Trading Company (now re-organised with Royal Dutch Petroleum Company as Royal Dutch Shell)
- Siebe (merged with BTR to form Invensys)
- SmithKline Beecham (now part of GlaxoSmithKline)
- Smiths Industries, renamed to Smiths Group
- Southern Electric (merged with Scottish Hydro Electric to form Scottish and Southern Energy)
- Spirent
- Standard Telephones and Cables (remamed STC and acquired by Nortel)
- Storehouse (remamed Mothercare)
- Sun Alliance Group (now part of Royal & SunAlliance)
- Sun Life Assurance (acquired by Axa)
- Sun Life & Provincial Holdings (acquired by Axa)
- Tarmac (acquired by Anglo American)
- Tate & Lyle
- Taylor Wimpey
- Taylor Woodrow (merged with George Wimpey to form Taylor Wimpey)
- Telewest Communications (merged with NTL to form NTL:Telewest now Virgin Media)
- Thames Water (acquired by RWE and then sold to Macquarie Bank)
- The Energy Group (acquired by Texas Utilities and then by E.ON UK)
- Thorn (merged with EMI to form Thorn EMI then demerged and acquired by Nomura Group)
- Thorn EMI (renamed EMI Group and then acquired by Terra Firma Capital Partners)
- Thus
- TI Group (acquired by Smiths Group)
- Tomkins
- Trafalgar House (acquired by Kværner)
- TSB Group (merged with Lloyds Bank to form Lloyds TSB)
- Trusthouse Forte (acquired by Granada)
- Ultramar (acquired by LASMO and now part of Eni)
- Unigate (renamed Uniq)
- United Biscuits (acquired by consortium of financial investors)
- United Business Media
- Warburg SG (acquired by Swiss Bank Corporation, now part of UBS)
- Wellcome (merged with Glaxo to form Glaxo Wellcome, then with Beecham to form Glaxo Beecham, now part of GlaxoSmithKline)
- W H Smith
- William Hill
- Williams Holdings (demerged into Kidde and Chubb Security, both now part of United Technologies Corporation)
- Willis Corroon (renamed Willis Group)
- Willis Faber (renamed Willis Coroon and then Willis Group)
- Woolwich (acquired by Barclays)
- Yell Group
- Zeneca (merged with Astra to form AstraZeneca)
source: FTSE: FTSE 100 Constituent ChangesPDF (56.6 KB)
FT 30
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Main article: FT 30
The oldest continuous index in the UK, the FT 30, also known as the Financial Times Index or the FT Ordinary Index (FTOI),[11] which began in 1935 is now largely redundant. 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,[12] two are currently in the FTSE 100: 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. A further three are still listed but not in the FTSE 100: Guest Keen & Nettlefolds (GKN), Tate & Lyle and Woolworths, although Woolworths has also not been continuously listed. Two of the original FT 30 companies are still in that index:[13] 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 line-up has been Imperial Tobacco.[14]
See also
- FTSE 250 Index
- FTSE techMARK 100
- Stock market index
- Dow Jones
- DAX
- AEX index
- Top Track 100 Sunday Times list of the 100 largest private (non-listed) companies in the UK.
- Top Track 250 Sunday Times list of the 250 mid-market (non-listed) companies in the UK.
References
External links
FTSE 100 companies of the United Kingdom |
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As of 22 September 2008.
3i · Admiral Group · Alliance Trust · AMEC · Anglo American · Antofagasta · Associated British Foods · AstraZeneca · Autonomy Corporation · Aviva · BAE Systems · BG Group · BHP Billiton · BP · BT Group · Barclays · British Airways · British American Tobacco · British Energy Group · British Land Company · British Sky Broadcasting Group · Bunzl · Cable & Wireless · Cadbury · Cairn Energy · Capita Group · Carnival · Centrica · Cobham · Compass Group · Diageo · Drax Group · Eurasian Natural Resources Corporation · Experian · FirstGroup · Fresnillo · Friends Provident · G4S · GlaxoSmithKline · HBOS · HSBC · Hammerson · ICAP · Imperial Tobacco · Inmarsat · InterContinental Hotels Group · International Power · Invensys · Johnson Matthey · Kazakhmys · Kingfisher · Land Securities Group · Legal & General · Liberty International · Lloyds TSB · London Stock Exchange Group · Lonmin · Man Group · Marks & Spencer · Wm Morrison Supermarkets · National Grid · Next · Old Mutual · Pearson · Petrofac · Prudential · RSA Insurance Group · Reckitt Benckiser · Reed Elsevier · Rexam · Rio Tinto Group · Rolls-Royce Group · Royal Bank of Scotland Group · Royal Dutch Shell · SABMiller · Sage Group · J Sainsbury · Schroders · Scottish and Southern Energy · Severn Trent · Shire · Smith & Nephew · Smiths Group · Stagecoach Group · Standard Chartered Bank · Standard Life · Tesco · Thomas Cook Group · Thomson Reuters · TUI Travel · Tullow Oil · Unilever · United Utilities · Vedanta Resources · Vodafone · WPP Group · Whitbread · Wolseley · Wood Group · Xstrata
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Major United Kingdom stock market indices |
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FT 30 • FTSE 100 Index • FTSE 250 Index • FTSE 350 Index • FTSE SmallCap Index • FTSE All-Share Index • FTSE AIM UK 50 Index
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Original companies of FT 30 in the United Kingdom |
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As of 1 July 1935.
Associated Portland Cement · Austin Motor · Bass · Bolsover Colliery · Callenders Cables & Construction · Coats · Courtaulds · Distillers · Dorman Long · Dunlop Rubber · Electrical & Musical Industries · Fine Spinners and Doublers · General Electric Company · Guest Keen & Nettlefolds · Harrods · Hawker Siddeley · Imperial Chemical Industries · Imperial Tobacco · International Tea Co. Stores · London Brick · Murex · Patons and Baldwins · Pinchin Johnson & Associates · Rolls-Royce · Tate & Lyle · Turner & Newall · United Steel Companies · Vickers · Watney Combe & Reid · F. W. Woolworth & Co ·
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