By Sabela Ojea
Darktrace PLC will lose its place in the FTSE 100 index after just over a month in the top flight as part of the regular quarterly reshuffle, FTSE Russell said Wednesday.
The cybersecurity company, which floated on the London Stock Exchange in April, was promoted to the FTSE 100 index on Oct. 27 to replace grocer Wm Morrison Supermarkets following its takeover by Clayton Dubilier & Rice LLC.
Also exiting the index is chemicals and sustainable-technologies company Johnson Matthey PLC after nearly 20 years. It joined the FTSE 100 index on June 24, 2002.
Darktrace and Johnson Matthey will be replaced in the FTSE 100 index by Dechra Pharmaceuticals PLC and Electrocomponents PLC. This will be Dechra’s first foray into the top flight while Electrocomponents was last a member in June 2002.
The changes are based on the companies share prices at close of business on Nov. 30 and become effective from close of business on Dec. 17.
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.
For a security to be considered for fast entry to the FTSE 100, the company’s full market capitalization must be equal to at least 65 billion pounds ($86.46 billion) and its investable market capitalization must be GBP2 billion or above.
Write to Sabela Ojea at firstname.lastname@example.org; @sabelaojeaguix