Ithaca Energy, which has stakes in six of the ten largest fields in the North Sea and two of the largest pre-development fields, including Rosebank, has been promoted to the FTSE 100 Index.
EasyJet has rejoined the top index, but its return is likely to be short-lived after the company agreed to be acquired by a private equity firm in a £5.7 billion deal.
Housebuilder Persimmon and the Ladbrokes and Coral owner Entain have dropped into the FTSE 250.
The latest quarterly reshuffle was confirmed after the stock markets closed last night. The changes are effective from 21 September.
Ithaca is a subsidiary of Israeli Delek Group. It listed just four years ago and has seen its shares rise by 64% so far this year. The Rosebank field is subject to regulatory approval for first oil in the first half of 2027.
Executive chairman Yaniv Friedman commented: “We’re very pleased to be entering the FTSE 100, reflecting ongoing efforts of optimisation, growth and delivery of shareholder value.
“We welcome the opportunities our updated position unlocks, including being introduced to a new pool of potential investors, with whom we look forward to engaging.”
Markets have fallen amid global concerns over rising levels of government debt.
Two-year gilt yields, which gauge short term interest rate expectations, have jumped over 4.5%, pushing up borrowing costs and adding to pressures on new Prime Minister Andy Burnham and his Chancellor John Healey ahead of next month’s budget. UK government borrowing costs have hit their highest level since the 2008 financial crisis.
Analysts believe the Bank of England could raise borrowing costs as a result of a resumption of hostilities in Iran. Brent crude held firm around $95 per barrel on Thursday after rising for three consecutive sessions.
At Mr Burnham’s first PMQs yesterday, Conservative leader Kemi Badenoch pointed out that the markets were worried by the current spending plans. “We now have a spendthrift prime minister who wants to say yes to everything but cannot tell us where the money is coming from.”
Mr Burnham said he was committed to fiscal discipline.
M&G
The investment manager reported a robust first‑half performance, with adjusted operating profits rising 15% to £435m.
Net inflows of £600 million from the wealth manager’s open business represent an improvement compared with net outflows of £100m in the same period last year. Group AUMA remained resilient at £371 billion despite market volatility.
It also delivered £1.7bn of bulk purchase annuity flows by the end of August, marking rapid progress in the newly launched proposition.
However, M&G recorded an IFRS loss after tax of £165m, compared with a £248m profit last year, after £551m of adverse short‑term investment movements linked partly to proposed changes to ground‑rent legislation.
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