Marks and Spencer is set to be removed from the FTSE 100 for the first time since the index launched 35 years ago, after its market value fell below the threshold for inclusion, with an announcement expected to be made later today (4 September).
The retailer’s exclusion was confirmed by stock market closing prices yesterday (3 September), which undertakes a quarterly reshuffle of the UK’s top listed brands, with changes taking effect on 23 September.
In June, Marks and Spencer avoided relegation, but its stock has fallen further since, losing around two-thirds of its value since 2015.
Marks and Spencer also plans to close up to 100 stores by 2020, in a bid to restructure and change focus.
Shares were down 1.5% on Tuesday, giving the company a market capitalisation of £3.7bn as the London Stock Exchange closed.
All FTSE listed companies that fall below rank 111 are automatically demoted from the FTSE 100, and pushed into the FTSE 250 index.