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ContentsArticlesFTSE 100 Index DAX Dow Jones Industrial Average Nikkei 225 Hang Seng Index 1 9 15 25 38
ReferencesArticle Sources and Contributors Image Sources, Licenses and Contributors 43 44
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FTSE 100 Index
FTSE 100 IndexThe FTSE 100 Index also called FTSE 100, FTSE, or, informally, the 'footsie' (pronounced /ftsi/) is a share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange. Although FTSE is jointly owned by the Financial Times and the London Stock Exchange, the initials are not an acronym nor an initialism and do not stand for "Financial Times Stock Exchange". They are borrowed from FTSE's two parent companies. The index began on 3 January 1984 with a base level of 1000; the highest value reached to date is 6950.6, on 30 December 1999. After falling dramatically during the financial crisis of 2007-2010 to a low of below 3,500, the index has recovered by a significant margin to 6,091.33 on 8 February 2011, its highest level since mid-2008. It is the most widely used of the FTSE Group's indices, and is frequently reported (e.g. on UK news bulletins) as a measure of business prosperity.
OverviewThe index is maintained by the FTSE Group, an independent company which originated as a joint venture between the Financial Times and the London Stock Exchange. It is calculated in real time and published every 15 seconds. FTSE 100 companies represent about 81% of the market capitalisation of the whole London Stock Exchange. Even though the FTSE All-Share Index is more comprehensive, the FTSE 100 is by far the most widely used UK stock market indicator. Other related indices are the FTSE 250 Index (which lists the next largest 250 companies after the FTSE 100), the FTSE 350 Index (which is the aggregation of the FTSE 100 and 250), FTSE SmallCap Index and FTSE Fledgling Index. The FTSE All-Share aggregates the FTSE 100, FTSE 250 and FTSE SmallCap. The constituents of the index are determined quarterly; the largest companies in the FTSE 250 Index are promoted if their market capitalisation would place them in the top ninety firms of the FTSE 100 Index. As of December 2008, the threshold for inclusion is about 1.7 billion. As of December 2008, the five largest constituents of the index were BP, HSBC Holdings, the Vodafone Group, GlaxoSmithKline, and Royal Dutch Shell which were each valued at more than 60 billion. Component companies must meet a number of requirements set out by the FTSE Group, including having a full listing on the London Stock Exchange with a Sterling or Euro denominated price on SETS, and meeting certain tests on nationality, free float, and liquidity. With only historical exceptions, the companies listed on this index must by law include the abbreviation 'plc' at the end of their name, indicating their status of public limited company. Continuous trading starts at 08:00 and ends at 16:30 (when the closing auction starts), and closing values are taken at 16:35.
WeightingThey involve the total market capitalisation of the companies weighted by their effect on the index, so the larger companies make more of a difference to the index than smaller. This is also called the free float method. The basic formula for any index is (be it capitalization weighted or any other stock index): Index level= (Price of stock* Number of shares)*Free float factor/ Index Divisor. The Free float Adjustment factor represents the proportion of shares that are readily available for trading as a percentage of all issued shares. The factor is then rounded up to the nearest multiple of 5% for calculation purposes. To find the free-float capitalisation of a company, first find its market cap (number of shares x share price) then multiply by its free-float factor. Free-float capitalisation, therefore, does not include restricted stocks, such as those held by company insiders.
FTSE 100 Index
ConstituentsThis reflects the replacement of British Airways with International Airlines Group effective 24 January 2011. The index consists of 100 companies, but a total of 102 listings as two classes of shares are included for Royal Dutch Shell and Schroders. 3i Admiral Group African Barrick Gold Aggreko Alliance Trust AMEC Anglo American Antofagasta ARM Holdings Associated British Foods AstraZeneca Autonomy Corporation Aviva BAE Systems BG Group BHP Billiton BP BT Group Barclays British American Tobacco British Land Company British Sky Broadcasting Group Bunzl Burberry Group Cairn Energy Capita Group Capital Shopping Centres Group Carnival Centrica Compass Group Diageo Essar Energy Eurasian Natural Resources Corporation Experian Fresnillo G4S GKN GlaxoSmithKline HSBC Hammerson ICAP IMI Imperial Tobacco Inmarsat International Airlines Group InterContinental Hotels Group International Power Intertek Group Invensys Investec Johnson Matthey Kazakhmys Kingfisher Land Securities Group Legal & General Lloyds Banking Group Lonmin Man Group Marks & Spencer Wm Morrison Supermarkets National Grid Next Old Mutual Pearson Petrofac Prudential RSA Insurance Group Randgold Resources Reckitt Benckiser Reed Elsevier Resolution Rexam Rio Tinto Group Rolls-Royce Group Royal Bank of Scotland Group Royal Dutch Shell SABMiller Sage Group J Sainsbury Schroders Scottish and Southern Energy Serco Group Severn Trent Shire Smith & Nephew Smiths Group Standard Chartered Bank Standard Life Tesco TUI Travel Tullow Oil Unilever United Utilities Vedanta Resources Vodafone WPP Group Weir Group Whitbread Wolseley Xstrata
Market capitalisationThe following table lists the top 9 FTSE 100 companies by Market Capitalisation at 23 January 2010.Rank Company Business type (from stock exchange listing) 1 2 3 4 5 6 7 Royal Dutch Shell HSBC BP Vodafone Group GlaxoSmithKline BHP Billiton   Energy (Oil/Gas) Financial (bank) Energy (Oil/Gas) Telecommunications (mobile) 133,994 123,198 93,479 91,359 Capitalisation (m)
Pharmaceuticals (inc. research) 60,069 Mining Mining 52,549 48,705
Rio Tinto Group
FTSE 100 Index
38 9 British American Tobacco Tobacco AstraZeneca 45,577
Pharmaceuticals (inc. research) 41,664
source: FTSE: FTSE 100 Factsheet PDF(335KB)
Former members of the index Abbey Life (became subsidiary of Lloyds TSB in 1996, then sold to Deutsche Bank in 2007) Abbey National (acquired by Banco Santander Central Hispano) Alliance & Leicester (acquired by Banco Santander Central Hispano) Alliance Boots (acquired by private equity fund controlled by Kohlberg Kravis Roberts) Allied Domecq (acquired by Pernod Ricard) Allied Zurich (dual holding company along with Zurich Allied, companies unified in 2000 to form Zurich Financial Services) Amersham (acquired by GE) Amstrad (acquired by British Sky Broadcasting) Argos (now owned by Home Retail Group) Argyll Group (renamed Safeway in 1996, then taken over by Morrisons in 2004) Arjo Wiggins Appleton (acquired by Worms & Cie) ASDA Group (acquired by Wal-Mart) BAA (acquired by Ferrovial) Balfour Beatty Baltimore Technologies (acquired by Oryx International Growth Fund) Bank of Scotland (merged with Halifax to form HBOS, now part of the Lloyds Banking Group) Barratt Developments Bass (became Six Continents and then InterContinental Hotels Group) Beecham Group (now part of GlaxoSmithKline) Berisford (renamed Enodis) BET, formerly British Electric Traction (acquired by Rentokil, now Rentokil Initial) BICC (renamed Balfour Beatty) Blue Arrow (acquired by Corporate Services Group) Blue Circle Industries (acquired by Lafarge) BOC (acquired by The Linde Group) Bowater (renamed Rexam) Bookham Technology (now traded on Nasdaq) BPB Industries (acquired by Saint-Gobain) Bradford & Bingley (branch network acquired by Banco Santander Central Hispano; loans book nationalised) Brambles Industries British Aerospace (now part of BAE Systems) British Airways (merged with Iberia to form International Airlines Group British Home Stores (acquired by Storehouse and then sold to Philip Green) British Steel (merged with Koninklijke Hoogovens N.V. to become Corus Group, itself now part of Tata Steel) British & Commonwealth (collapsed in 1990) Britoil (acquired by BP) BTR (renamed Invensys) Burmah Oil (renamed Burmah Castrol and acquired by BP) Burton Group (acquired by Arcadia) Cable & Wireless Worldwide
FTSE 100 Index Cadbury (acquired by Kraft Foods) Carlton Communications (merged with Granada to form ITV) Carphone Warehouse Group Celltech (acquired by UCB in 2004) CMG (merged with Logica to form LogicaCMG) Coats Viyella (taken private and renamed Coats) Cobham COLT Telecom Group Commercial Union Assurance (merged with General Accident to form CGU, itself now part of Aviva) Consolidated Gold Fields (acquired by Hanson) Cookson Group Corus Group (acquired by Tata Steel) Courtaulds (demerged into two businesses acquired by Sara Lee and Akzo Nobel) Daily Mail and General Trust Dalgety (renamed Sygen International and acquired by Genus) Debenhams De La Rue Dimension Data Holdings Distillers (acquired by Guinness; now part of Diageo) Dixons Group (renamed to DSG International) Dowty Group (acquired by TI Group, itself now part of Smiths Group) DSG International Eagle Star (acquired by BAT Industries and then demerged as part of Zurich Financial Services) Eastern Group (acquired by Texas Utilities and then Powergen, now part of E.ON UK) ECC Group (acquired by Imetal) Edinburgh Investment Trust Electrocomponents EMAP EMI Group (acquired by Terra Firma Capital Partners) Energis (acquired by Cable and Wireless) English China Clays (acquired by Imetal) Enterprise Inns Enterprise Oil (acquired by Royal Dutch Shell) Eurotunnel Ex