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FTSE 100 Index

British stock market index From Wikipedia, the free encyclopedia

FTSE 100 Index

"UKX" redirects here. For the airport code, see Ust-Kut Airport.

The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie" /ˈfʊtsi/, is the United Kingdom's best-known stock market index of the 100 most highly capitalised blue chips listed on the London Stock Exchange.[1]

Quick Facts Foundation, Operator ...
FTSE 100
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Performance of the FTSE 100 index between January 1984 and March 2025
Foundation3 January 1984
OperatorFTSE Russell
ExchangesLondon Stock Exchange
Trading symbol
  • UKX
Constituents100 (March 2025)
TypeLarge-cap
Market cap£2.119 trillion (March 2025)
Weighting methodCapitalisation-weighted
Related indices
Websiteofficial website
Reuters.FTSE
BloombergUKX:IND
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History

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The index started on 3 January 1984,[2][3] having been constructed by the London Stock Exchange to better reflect activity on the market. The index would replace the Financial Times' own FT 30 after its public unveiling on 14 February.[4][5] As late as 10 February, the Stock Exchange referred to the index as 'SE 100', cutting out the Financial Times who had not contributed to its construction. Recognition was ultimately given to the fact that having the FT involved in the official launch possessed value.[6]

The new index allowed the Stock Exchange's own London Traded Options Market (LTOM) to launch an options contract derived from the FTSE's real-time data in May 1984, while competitors LIFFE were quick to coincide their launch of the futures contract.[7][8][9]

Usage of the index grew, although the tradeable index contracts struggled to gain traction: annual volume on the FTSE futures contract fell short of 89,000 in 1985, pale in comparison to the 15 million lots traded on the S&P 500 index contract.[10] By 1986, Margaret Thatcher's sweeping financial deregulation and high profile privatisations of index members British Telecom, British Gas, and British Aerospace had culminated in the Big Bang.[11] The combination of a new index, major privatisations, LIFFE tradable derivatives, and promotion by the Financial Times led to the FTSE 100 becoming the most widely used indicator of whether the UK stock market was rising or falling.[12]

In 1987, privatisations continued with British Airways and British Petroleum. The latter concluded on the same day as Black Monday, a crash in which the index fell 21.73% in two days; one of those days is still the index's worst single-day return, –12.22%.[11]

In 2024, there were the most delistings from the London market since the 2008 financial crisis, with companies citing higher valuations and cheaper costs available by switching to NYSE. Among them Ashtead Group, CRH, and Flutter represented almost £120 billion in FTSE 100 market capitalisation. Takeovers from private equity further reduced the available pool of companies that could be drawn on to populate the index, with Hargreaves Lansdown also set to delist. Across the entire exchange there were five delistings for every new issue, with speculation at the close of the year around the future of index stalwarts British American Tobacco, Rio Tinto, and Shell.[13]

Description

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The index has trading symbol UKX[1] and is maintained by FTSE Russell, a wholly owned subsidiary of London Stock Exchange Group, which originated as a joint venture between the Financial Times and the London Stock Exchange. It is calculated in real time and published every second when the market is open.[2]

The FTSE 100 broadly consists of the largest 100 qualifying UK companies by full market value.[14] The total market value of a company is calculated by multiplying the share price of the company by the total number of shares they have issued.[15] However, many of these are internationally focused companies: therefore the index's movements are a fairly weak indicator of how the UK economy is faring and are significantly affected by the exchange rates of the pound sterling.[16] A better indication of the UK economy is the FTSE 250 Index, as it contains a smaller proportion of international companies.[17]

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 includes 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 the FTSE Fledgling Index. The FTSE All-Share aggregates the FTSE 100, FTSE 250 and FTSE SmallCap.[1]

The index consists of 20 ICB sectors, four of which had a market capitalisation exceeding £200 billion as of 31 March 2025. These are Banks, Health Care, Industrial Goods and Services and Energy, which together account for approximately 50% of the index's capitalisation.[18] On the same date, there were four companies with a market cap exceeding £100 billion: AstraZeneca, Shell, HSBC and Unilever, which together accounted for approximately 29% of the market cap.[18]

Each calendar quarter, the FTSE's constituents are reviewed and some companies exit or enter the index, resulting in irregular trading volume and price changes as market participants rebalance their portfolios.[3]

Weighting

In the FTSE indices, share prices are weighted by free-float capitalisation, so that the larger companies, with more of their stock "floating", make more of a difference to the index than smaller companies. The basic formula for these indices is:[19]

The free float adjustment factor represents the percentage of all issued shares that are readily available for trading, rounded up to the nearest multiple of 5%. The free-float capitalisation of a company is its market capitalisation multiplied by its free float adjustment factor. It therefore does not include restricted stocks, such as those held by company insiders.[19]

Futures contracts

FTSE futures contracts are traded on the Euronext Equities & Index Derivatives (EUREID) exchange. The value of each contract is 10 GBP × index points and is specified as:[20]

More information Contract size, Exchange ...
FTSE (QFA) contract specifications
Contract size 10 GBP × index points
Exchange EUREID
Sector Index
Tick size 0.5
Tick value 5 GBP
Basis Point Value 10
Denomination GBP
Decimal places 1
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Record values

The index has reached the following record values:

More information Category, All-time highs ...
Category All-time highs
Closing8,871.313 March 2025
Intraday8,908.823 March 2025
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The index began on 3 January 1984 at the base level of 1,000.[21] The highest closing value of 8,871.31 was reached on 3 March 2025 and the highest intra-day value of 8,908.82 also reached on 3 March 2025.[22]

Annual returns

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The following table shows the annual development of the calculation of the FT 30 Index from 1969 to 1983, and the FTSE 100 since 1984.[23][24][25][26]

More information Year, Closing level ...
Year Closing level Change in index
(points) (%)
1969313.16
1970289.61−23.55−7.52
1971411.03121.4241.93
1972463.7252.6912.82
1973318.30−145.42−31.36
1974142.17−176.13−55.33
1975335.98193.81136.32
1976322.98−13.00−3.87
1977455.96132.9841.17
1978468.0612.102.65
1979488.4020.344.35
1980620.60132.2027.07
1981665.5044.907.23
1982812.37146.8722.07
19831,000.00187.6323.10
19841,232.20232.2023.22
19851,412.60180.4014.64
19861,679.00266.4018.86
19871,712.7033.702.01
19881,793.1080.404.69
19892,422.70629.6035.11
19902,143.50−279.20−11.52
19912,493.10349.6016.31
19922,846.50353.4014.18
19933,418.40571.9020.09
19943,065.50−352.90−10.32
19953,689.30623.8020.35
19964,118.50429.2011.63
19975,135.501,017.0024.69
19985,882.60747.1014.55
19996,930.201,047.6017.81
20006,222.46−707.74−10.21
20015,217.35−1,005.11−16.15
20023,940.36−1,276.99−24.48
20034,476.87536.4913.62
20044,814.30337.577.54
20055,618.76804.4616.71
20066,220.81602.0510.71
20076,456.91236.103.80
20084,434.17−2,022.74−31.33
20095,412.88978.7122.07
20105,899.94487.069.00
20115,572.28−327.66−5.55
20125,897.81325.535.84
20136,749.09851.2914.43
20146,566.09−183.00−2.71
20156,274.05−292.04−4.45
20167,142.83868.7813.85
20177,687.77544.947.63
20186,728.13−959.64−12.48
20197,542.44814.3112.10
20206,460.52−1,081.92−14.34
20217,384.54924.0214.30
20227,451.7467.200.91
20237,733.24281.503.78
2024 8,173.02 439.76 5.69
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Constituents

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The following table lists the FTSE 100 companies after the changes on 24 March 2025.[27]

More information Company, Ticker ...
CompanyTickerFTSE industry classification benchmark sector[28]
3iIIIFinancial services
Admiral GroupADMInsurance
Airtel AfricaAAFTelecommunications services
Alliance WitanALWInvestment Trusts
Anglo American plcAALMining
Antofagasta plcANTOMining
Ashtead GroupAHTSupport services
Associated British FoodsABFFood & tobacco
AstraZenecaAZNPharmaceuticals & biotechnology
Auto Trader GroupAUTOMedia
AvivaAVLife insurance
Babcock InternationalBABAerospace & defence
BAE SystemsBAAerospace & defence
BarclaysBARCBanks
Barratt RedrowBTRWHousehold goods & home construction
BeazleyBEZInsurance
Berkeley Group HoldingsBKGHousehold goods & home construction
BPBPOil & gas producers
British American TobaccoBATSTobacco
BT GroupBT-ATelecommunications services
BunzlBNZLSupport services
CentricaCNAMultiline utilities
Coca-Cola Europacific PartnersCCEPBeverages
Coca-Cola HBCCCHBeverages
Compass GroupCPGSupport services
ConvatecCTECHealth care equipment & supplies
Croda InternationalCRDAChemicals
DCC plcDCCSupport services
DiageoDGEBeverages
DiplomaDPLMIndustrial Support services
Endeavour MiningEDVPrecious Metals and Mining
EntainENTTravel & leisure
EasyJetEZJTravel & leisure
ExperianEXPNSupport services
F & C Investment TrustFCITCollective investments
Fresnillo plcFRESMining
Games WorkshopGAWLeisure Goods
GlencoreGLENMining
GSK plcGSKPharmaceuticals & biotechnology
HaleonHLNPharmaceuticals & biotechnology
Halma plcHLMAElectronic equipment & parts
Hikma PharmaceuticalsHIKPharmaceuticals & biotechnology
HiscoxHSXNon-life Insurance
Howdens JoineryHWDNHomebuilding & construction supplies
HSBCHSBABanks
IHG Hotels & ResortsIHGTravel & leisure
IMIIMIMachinery, tools, heavy vehicles, trains & ships
Imperial BrandsIMBTobacco
InformaINFMedia
Intermediate Capital GroupICGFinancial services
International Airlines GroupIAGTravel & leisure
IntertekITRKSupport services
JD SportsJDGeneral retailers
Kingfisher plcKGFRetailers
Land SecuritiesLANDReal estate investment trusts
Legal & GeneralLGENLife insurance
Lloyds Banking GroupLLOYBanks
LondonMetric PropertyLMPReal Estate Investment Trusts
London Stock Exchange GroupLSEGFinancial services
M&GMNGFinancial services
Marks & SpencerMKSFood & drug retailing
Melrose IndustriesMROAerospace & defence
MondiMNDIContainers & packaging
National Grid plcNGMultiline utilities
NatWest GroupNWGBanks
Next plcNXTGeneral retailers
Pearson plcPSONMedia
Pershing Square HoldingsPSHFinancial services
PersimmonPSNHousehold goods & home construction
Phoenix GroupPHNXLife insurance
Polar Capital Technology TrustPCTInvestment trusts
Prudential plcPRULife insurance
ReckittRKTHousehold goods & home construction
RELXRELMedia
Rentokil InitialRTOSupport services
RightmoveRMVMedia
Rio TintoRIOMining
Rolls-Royce HoldingsRRAerospace & defence
Sage GroupSGESoftware & computer services
Sainsbury'sSBRYFood & drug retailing
SchrodersSDRFinancial services
Scottish Mortgage Investment TrustSMTCollective investments
SegroSGROReal estate investment trusts
Severn TrentSVTMultiline utilities
Shell plcSHELOil & gas producers
Smiths GroupSMINGeneral industrials
Smith & NephewSNHealth care equipment & supplies
Spirax GroupSPXIndustrial engineering
SSE plcSSEElectrical utilities & independent power producers
Standard CharteredSTANBanks
St. James's PlaceSTJFinancial services
Taylor WimpeyTWHousehold goods & home construction
TescoTSCOFood & drug retailing
UnileverULVRPersonal goods
United UtilitiesUUMultiline utilities
Unite GroupUTGReal estate investment trusts
Vodafone GroupVODMobile telecommunications
Weir GroupWEIRIndustrial goods and services
WhitbreadWTBRetail hospitality
WPPWPPMedia
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Past constituents

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All changes are due to market capitalisation unless noted otherwise.

Source: "FTSE: FTSE 100 Constituent Changes" (PDF; 57.9 KB)

FT 30

Main article: FT 30

The oldest continuous index in the UK is the FT 30, also known as the Financial Times Index or the FT Ordinary Index (FTOI).[224] It was established in 1935 and nowadays is largely obsolete due to its redundancy. It is similar to the Dow Jones Industrial Average, and companies listed are from the industrial and commercial sectors. Financial sector companies and government stocks are excluded.

Of the original constituents,[225] three are currently in the FTSE 100: Tate & Lyle, Imperial Tobacco and Rolls-Royce, although Rolls-Royce has not been continuously listed and Imperial Tobacco was a subsidiary of Hanson for a number of years, and is now renamed as Imperial Brands. Only one of the original FT 30 companies is still in that index:[226] Tate & Lyle (membership is not strictly based on market capitalisation, so this does not mean they are necessarily among the top thirty companies in the FTSE 100). The best performer from the original lineup has been Imperial Tobacco.[227]

See also

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Stock market lists

References

External links

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