The latest Brexit shock in FTSE reshuffle

Building supply company relegated from FTSE after dramatic share price drop

The UK’s largest building supply company has fallen foul of Brexit and is to leave the FTSE 100. Travis Perkins is the second company to be demoted from the index, in the final reshuffle of the year. House building company Berkeley Group lost their footing in the September revamp.

The builder’s merchant had issued a profit warning last month and predicted a tough trading backdrop for next year, in light of a 30% share price drop since the June referendum. 

Polymetal International also moves off the listing after gold fell by 8% post-US elections. The reshuffle sees Irish paper-packaging giant Smurfit Kappa and healthcare company ConvaTec join the listing.

Russ Mould, ofonline investment platform AJ Bell told The Telegraph: “Smurfit Kappa’s promotion represents a remarkable turnaround in fortunes, as the shares collapsed following its 2007 flotation to barely 140p in 2009, weighed down by the recession and hefty debts.”

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