By Ian Walker
LONDON--Water and waste management firm Pennon Group PLC
(PNN.LN) is due to be demoted from the U.K.'s leading FTSE100 share
index next week after only two quarters, and will be replaced by
holiday firm TUI Travel PLC (TT.LN), according to indicative data
supplied by FTSE Group and based on last night's closing share
prices.
Pennon joined the FTSE100 back in June, replacing International
Power which was taken over by GDF Suez SA (GSZ.FR). Pennon, which
owns South West Water Ltd. and Viridor Ltd., was last a member of
the index between Jan. 9, 2009, and Sept. 9, 2009.
TUI Travel, which trades through a number of brands including
airtours, Hayes & Jarvis and Thomson, has seen its share price
rise 79% over the past six months from lows of 157 pence in June.
Last week it posted a 39% rise in fiscal 2012 pretax profit to 201
million pounds ($322.52 million) after a strong summer booking
period and said this has continued into Winter 2012/13.
The official announcement of changes, which is subject to the
approval of the FTSE EMEA Committee, will be released Wednesday,
based on tonight's closing share prices.
Changes to the index will be effective from Dec. 21.
The FTSE100 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.
Pennon shares at 1123 GMT up 8 pence, or 1.32% at 616 pence. TUI
shares up 1 pence, or 0.21%, at 285 pence. FTSE100 index up 0.25%;
FTSE250 index up 0.2%.
Write to Ian Walker at ian.walker@dowjones.com
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