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Tuesday market close: Wood Group to leave FTSE 100

  • by PETER RANSCOMBE
 

Energy services giant Wood Group will drop out of the FTSE 100 index during this month’s reshuffle following a slide in the Aberdeen-based firm’s share price.

Miner Eurasian Natural Resources and outsourcing specialist Serco will also fall out of the blue-chip index, to be replaced by Greek soft drinks bottler Coca-Cola Hellenic, packaging group Mondi and Newcastle United owner Mike Ashley’s Sports Direct.

The moves are due to be confirmed by the FTSE Group after the close of trading tomorrow, based on tonight’s closing prices.

The FTSE 100 index hit a four-week high today after Russia’s plan to avoid war in Syria soothed traders’ nerves.

Improvements in China’s economic outlook also helped the Footsie to close up 53.25 points at 6,583.99, a rise of 0.8 per cent.

Chris Beauchamp, market analyst at IG Index, said: “Markets have breathed a sigh of relief, with stock indices gaining and gold and oil giving back much of their recent gains.

“The FTSE 100 is knocking on the door of 6,600 for the first time since mid-August, as investors look to make gains before the crucial Federal Reserve meeting next week.”

EasyJet was the biggest top-flight riser after chief executive Carolyn McCall told Bloomberg that her airline would be Europe’s “preferred” carrier within the next five years.

Her comments came a day after a positive note from analysts at Bank of America Merrill Lynch ahead of next month’s fourth-quarter trading update.

The stock soared 7.2 per cent or 91p to 1,358p, buoyed by falling oil prices in the wake of tensions appearing to ease over Syria.

British Airways-owner IAG was also up, gaining 4.7 per cent or 14.3p at 319.8p, while cruise ship operator Carnival rose by 100p or 4.3 per cent to 2,450p.

Glasgow-based broadcaster STV enjoyed a second day of gains – up 6.5 per cent or 15p at 244.5p – following yesterday’s positive initiation note from analysts at Liberium Capital.

 

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