By Ian Walker
Water company Pennon Group PLC and grocer Wm. Morrison Supermarkets PLC have lost their place in the FTSE 100 index and will be replaced by engineers Weir Group PLC and Renishaw PLC, FTSE Russell said late Wednesday.
Pennon has been a member of the index since March 2020 while Morrison, the U.K.'s fourth largest grocer by market share, has been a member since March 2016.
Weir will be returning to the index after an absence of 10 and a half years, having been relegated to the FTSE 250 index in September 2010. Renishaw will be joining the index for the first time. However, its move to the top flight could be short lived as the company put itself up for sale earlier this week.
The FTSE 100 is a share index of the 100 most highly-capitalized companies listed on the London Stock Exchange. Any company that falls to 111th and below is automatically ejected from the top-flight index, while any firm that rises to 90 or above is automatically promoted.
The changes will be effective from start of trading on March 22.
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