DCC to join FTSE 100 after jump in shares
Irish company DCC looks set to be promoted to the prestigious FTSE 100 index in London after a strong year of trading that has seen its shares almost double in value.
DCC was one of three companies expected to join the exchange following its quarterly index review, joining payments processor Worldpay and sub-prime lender Provident Financial.
UK supermarket giant Morrisons, security group G4S and engineering firm Meggitt were all expected to be demoted.
Companies face demotion if their value falls below that of the 110th largest ranked business. If a FTSE 250 firm climbs into the top 90 companies, it can be promoted. Changes are due to take effect after the close of the market on December 18.
DCC, which operates in sectors ranging from oil distribution to waste management, has seen the value of its stock jump from about £35 a share in January to just under £60 as of mid-afternoon trading yesterday. It has a market capitalisation of nearly £5.3bn. The rise comes on the back of a strong trading year for the firm.