The UK’s FTSE 100 index of the country’s largest publicly listed companies on Monday welcomed three new names to its ranks: packaging business DS Smith, online food delivery service Just Eat and technology group Halma.
Each quarter, the blue chip index is rebalanced to account for changing market valuations of its constituents.
The three new joiners squeeze out medical products company ConvaTec, theme park operator Merlin Entertainments and support services group Babcock. All three will enter the FTSE 250 index.
All three FTSE 100 newcomers have enjoyed strong year of share price growth this year. DS Smith’s shares have surged more than 24 per cent since the start of 2017, while Just Eat’s and Halma’s have both added around 35 per cent.
Just Eat, a relative newbie to the stock market, only floated publicly in 2014. Thanks to strong growth and a slew of strategic acquisitions, it recently leapfrogged Sainsbury’s in terms of market value.
Founded in 2001 in Denmark, it now serves 12 markets around the world and around 19 million customers. In the UK it works with more than 28,000 restaurants to deliver food.
Other companies joining the FTSE 250 index as a result of the most recent reshuffle include BCA Marketplace, F&C Global Smaller Companies, Purecircle, RHI Magnesita, TI Fluid Systems.
Those leaving the index are Electra Private Equity, Nostrum Oil & Gas, PayPoint, P2P Global Investments and Restaurant Group.