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FTSE 100 Index

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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.

Contents

[edit] 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 81% 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 December 2008, the threshold for inclusion is about £1.7 billion, a target that Pennon Group, the current most highly valued contituent of the FTSE 250 looks unlikely to meet. As of December 2008, the five largest constituents of the index were BP, HSBC Holdings, the Vodafone Group, GlaxoSmithKline, and Royal Dutch Shell 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.

[edit] 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.

[edit] List of FTSE 100 companies

This reflects the quarterly reshuffle effective 22 December 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.

  1. 3i
  2. Admiral Group
  3. Alliance Trust
  4. AMEC
  5. Amlin
  6. Anglo American
  7. Antofagasta
  8. Associated British Foods
  9. AstraZeneca
  10. Autonomy Corporation
  11. Aviva
  12. BAE Systems
  13. BG Group
  14. BHP Billiton
  15. BP
  16. BT Group
  17. Barclays
  18. British Airways
  19. British American Tobacco
  20. British Energy Group
  21. British Land Company
  22. British Sky Broadcasting Group
  23. Bunzl
  24. Cable & Wireless
  25. Cadbury
  26. Cairn Energy
  27. Capita Group
  28. Carnival
  29. Centrica
  30. Cobham
  31. Compass Group
  32. Diageo
  33. Drax Group
  34. Eurasian Natural Resources Corporation
  35. Experian
  36. FirstGroup
  37. Friends Provident
  38. G4S
  39. GlaxoSmithKline
  40. HBOS
  41. HSBC
  42. Hammerson
  43. Home Retail Group
  44. ICAP
  45. Imperial Tobacco
  46. Inmarsat
  47. InterContinental Hotels Group
  48. International Power
  49. Invensys
  50. Johnson Matthey
  51. Kazakhmys
  52. Kingfisher
  53. Land Securities Group
  54. Legal & General
  55. Liberty International
  56. Lloyds TSB
  57. London Stock Exchange Group
  58. Man Group
  59. Marks & Spencer
  60. Wm Morrison Supermarkets
  61. National Grid
  62. Next
  63. Old Mutual
  64. Pearson
  65. Prudential
  66. RSA Insurance Group
  67. Randgold Resources
  68. Reckitt Benckiser
  69. Reed Elsevier
  70. Rexam
  71. Rio Tinto Group
  72. Rolls-Royce Group
  73. Royal Bank of Scotland Group
  74. Royal Dutch Shell
  75. SABMiller
  76. Sage Group
  77. J Sainsbury
  78. Schroders
  79. Scottish and Southern Energy
  80. Serco Group
  81. Severn Trent
  82. Shire Pharmaceuticals Group
  83. Smith & Nephew
  84. Smiths Group
  85. Standard Chartered Bank
  86. Standard Life
  87. Tate & Lyle
  88. Tesco
  89. Thomas Cook Group
  90. Thomson Reuters
  91. TUI Travel
  92. Tullow Oil
  93. Unilever
  94. United Utilities
  95. Vedanta Resources
  96. Vodafone
  97. WPP Group
  98. Whitbread
  99. Wolseley
  100. Xstrata

[edit] 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.

[edit] Former members of the FTSE 100 index

source: FTSE: FTSE 100 Constituent ChangesPDF (57.9 KB)

[edit] FT 30

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] three are currently in the FTSE 100: Imperial Tobacco, Tate & Lyle 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 company, Guest Keen & Nettlefolds (GKN), is still listed but not in the FTSE 100. 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]

[edit] See also

[edit] References

  1. ^ http://www.ftse.com/Research_and_Publications/2008Downloads/ASWB_0908.pdfPDF (2.06 MB)
  2. ^ FTSE Capitlization method methodology via Wikinvest
  3. ^ "FTSE UK Index Series Annual Review December 2008". FTSE Group (10 December 2008). Retrieved on 2008-12-19.
  4. ^ Rio Tinto Group is a dual listed company. The figure shown represents only the majority stake owned by Rio Tinto Plc.
  5. ^ BHP Billiton is a dual listed company. The figure represents only the minority stake owned by BHP Billiton Plc.
  6. ^ Unilever is a dual listed company. The figure represents only the minority stake owned by Unilever Plc.
  7. ^ Acquisition by Lloyds
  8. ^ Acquisition by Deutsche Bank
  9. ^ Unification of companies
  10. ^ BBC News | BUSINESS | Eni swoops on Lasmo
  11. ^ The History Channel - Financial Times Index. Retrieved 2008-08-08
  12. ^ Original constituents
  13. ^ Remaining companies in the FT30
  14. ^ Eckett, Stephen (ed.) (2004), The UK Stock Market Almanac 2005, Petersfield, Harriman House. ISBN 1-897597-46-0

[edit] External links

v • d • e
FTSE 100 companies of the United Kingdom

As of 22 December 2008.

3i · Admiral Group · Alliance Trust · AMEC · Amlin · 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 · Friends Provident · G4S · GlaxoSmithKline · HBOS · HSBC · Hammerson · Home Retail Group · 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 · Man Group · Marks & Spencer · Wm Morrison Supermarkets · National Grid · Next · Old Mutual · Pearson · Prudential · RSA Insurance Group · Randgold Resources · 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 · Serco Group · Severn Trent · Shire · Smith & Nephew · Smiths Group · Standard Chartered Bank · Standard Life · Tate & Lyle · Tesco · Thomas Cook Group · Thomson Reuters · TUI Travel · Tullow Oil · Unilever · United Utilities · Vedanta Resources · Vodafone · WPP Group · Whitbread · Wolseley · Xstrata
v • d • e
Major United Kingdom stock market indices
v • d • e
Flag of the United Kingdom Original companies of FT 30 in the United Kingdom

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