Tullow Oil, Carphone Warehouse to join FTSE 100

Source: Stock Market Digital

Date :12/09/2007 12:27:43

Tullow Oil and Carphone Warehouse are poised to join the FTSE 100 Index of blue chip companies when the reshuffling takes place later this month.

According to British analysts, Tullow Oil - the Irish oil and gas exploration and production company which operates in the North Sea, Africa and India - is strongly expected for promotion.

It did not qualify for the reserve list in the last reshuffle however since its market value has risen to over £3.3billion.

Similarly, mobile and internet supplier Carphone Warehouse is expected to enter when the FTSE Group carries out its latest review which will mark Carphone Warehouse's first FTSE 100 appearance since flotation seven years ago.

The FTSE reshuffle is based on yesterdays closing share price, which ranks Carphone Warehouse as the 95th biggest listed company in the UK by market capitalization.

Tullow Oil is ranked 75th while the newly-merged housebuilder Taylor Wimpey which is also expected to join, is ranked 79th.

The new entrants are set to eject water and waste group Kelda, power station firm Drax and property company Segro.

The results of the reshuffle are due to be officially announced tomorrow following a review meeting.

The changes should be implemented on 21 September by the FTSE committee.

September 12 2007