MARKET WATCH: Defence group Babcock wins promotion to the FTSE 100 with shares up 50% this 12 months
Defence group Babcock International joins the FTSE 100 index next week after a 50 per cent rise in its share price this year.
The company, which maintains Britain’s nuclear submarines and is building Royal Navy frigates, will be promoted from the FTSE 250 on Monday. It is now valued at £3.8billion, and rose 0.9 per cent, or 6.5p, to 755.5p yesterday.
The promotion comes as Hargreaves Lansdown leaves following its £5.4billion takeover by private equity. The FTSE 100 eked out a sixth day of gains – but only by 1.43 points to 8706.66.
The FTSE 250 rose 24.6 points to 20,122.37. Catering firm Compass fell 4.8 per cent, or 125p, to 2500p after Exane BNP Paribas downgraded it to ‘underperform’. IT services provider Softcat climbed by 6.5 per cent, or 106p, to 1729p after raising its outlook for 2025.
Mechanical engineer Goodwin dipped 0.6 per cent, or 40p, to 6840p despite its forward order book reaching a record £300million.
And Ukraine-focused Ferrexpo fell 5.6 per cent, or 4.6p, to 77p after the iron ore pellet producer suffered a 30 per cent fall in profit.
Shares up: Babcock, which maintains Britain’s fleet of nuclear submarines, will be promoted from the FTSE 250 when trading begins on Monday
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