Template:Short description Template:Use British English Template:Use dmy dates Template:Redirect Template:Infobox Index

The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE, or, informally, the "Footsie" Template:IPAc-en, is the United Kingdom's best-known stock market index of the 100 most highly capitalised blue chips listed on the London Stock Exchange.<ref name=ukindexseries>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

HistoryEdit

The index started on 3 January 1984,<ref name=factsheet>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref name=overview>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref>Template:Harvnb</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref>Template:Harvnb</ref>

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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>Template:Harvnb</ref><ref>Template:Harvnb</ref>

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.<ref>Template:Harvnb</ref> 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.<ref name="FTSE 100 index">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref>Template:Harvnb</ref>

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%.<ref name="FTSE 100 index" /> While the index was in freefall trading volume of the futures contract hit a record high of 9,111 contracts in a single day. By comparison the volume in the week preceding the crash averaged 2,400 contracts per day.<ref>Template:Harvnb</ref>

By the spring of 1992 LTOM was sold to LIFFE for a nominal sum, consolidating derivatives of the FTSE 100 index into one exchange.<ref>Template:Harvnb</ref><ref>Template:Harvnb</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> Trading of these instruments remained solely in the institutional domain since the significant investment required to deliver electronic trading limited retail access at the time.<ref>Template:Harvnb</ref> Nonetheless annual volumes for 1992 in FTSE futures and options contracts hit a new high of 2.6 million and 2.2 million respectively.<ref>Template:Harvnb</ref> In the autumn the Bank of England directed by HM Treasury under John Major's government failed to prop up sterling to maintain the European Exchange Rate Mechanism. A swift devaluation of sterling on Black Wednesday and exit from the ERM benefitted the globally trading FTSE index constituents enormously as exports became cheaper overnight.<ref>Template:Harvnb</ref> Closing on the 15 September 1992 at 2,370.0 the index would almost triple by the end of the decade hitting a high of 6,930.2 on 30 December 1999.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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.<ref name="exodus">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

DescriptionEdit

The index has trading symbol UKX<ref name=ukindexseries /> 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.<ref name=factsheet/>

The FTSE 100 broadly consists of the largest 100 qualifying UK companies by full market value.<ref>Ground Rules for the Management of The UK Series of the FTSE Actuaries Share Indices (section 5) Template:Webarchive</ref> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref>Template:Cite news</ref> A better indication of the UK economy is the FTSE 250 Index, as it contains a smaller proportion of international companies.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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.<ref name=ukindexseries />

The index consists of 20 ICB sectors, four of which had a market capitalisation exceeding £200 billion Template:As of. These are Banks, Health Care, Industrial Goods and Services and Energy, which together account for approximately 50% of the index's capitalisation.<ref name=constituents /> 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.<ref name="constituents">{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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.<ref name="overview" />

WeightingEdit

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:<ref name=calc>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

<math display="basic"> \begin{align} \mathrm{Index~value} &= \frac{\mathrm{Total~market~value}}{\mathrm{Index~divisor}} \end{align} </math>

expanded to,

<math display="basic-expand"> \begin{align} \mathrm{Index~value} &= \frac{\sum_{i=1}^{n} \left ( \mathrm{Price~of~stock}_{i,t}\times\mathrm{Number~of~shares}_{i,t} \times\mathrm{Free~float~factor}_{i,t} \right )}{\mathrm{Index~divisor}} \end{align} </math>

where the sum of the products of the <math>Price</math>, <math>Shares</math>, and <math>FFF</math> for each component beginning at <math>i=1</math> through to, usually, <math>n=100</math> at time <math>t</math> are divided by the <math>Index~divisor</math> to give the <math>Index~value</math>.

The free float 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.<ref name=calc/>

Futures contractsEdit

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:<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

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

Record valuesEdit

The index has reached the following record values:

Category All-time highs
Closing 8,871.31 3 March 2025
Intraday 8,908.82 3 March 2025

The index began on 3 January 1984 at the base level of 1,000.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Annual returnsEdit

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.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref><ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Year Closing level Change in index
(points) (%)
1969 313.16
1970 289.61 −23.55 −7.52
1971 411.03 121.42 41.93
1972 463.72 52.69 12.82
1973 318.30 −145.42 −31.36
1974 142.17 −176.13 −55.33
1975 335.98 193.81 136.32
1976 322.98 −13.00 −3.87
1977 455.96 132.98 41.17
1978 468.06 12.10 2.65
1979 488.40 20.34 4.35
1980 620.60 132.20 27.07
1981 665.50 44.90 7.23
1982 812.37 146.87 22.07
1983 1,000.00 187.63 23.10
1984 1,232.20 232.20 23.22
1985 1,412.60 180.40 14.64
1986 1,679.00 266.40 18.86
1987 1,712.70 33.70 2.01
1988 1,793.10 80.40 4.69
1989 2,422.70 629.60 35.11
1990 2,143.50 −279.20 −11.52
1991 2,493.10 349.60 16.31
1992 2,846.50 353.40 14.18
1993 3,418.40 571.90 20.09
1994 3,065.50 −352.90 −10.32
1995 3,689.30 623.80 20.35
1996 4,118.50 429.20 11.63
1997 5,135.50 1,017.00 24.69
1998 5,882.60 747.10 14.55
1999 6,930.20 1,047.60 17.81
2000 6,222.46 −707.74 −10.21
2001 5,217.35 −1,005.11 −16.15
2002 3,940.36 −1,276.99 −24.48
2003 4,476.87 536.49 13.62
2004 4,814.30 337.57 7.54
2005 5,618.76 804.46 16.71
2006 6,220.81 602.05 10.71
2007 6,456.91 236.10 3.80
2008 4,434.17 −2,022.74 −31.33
2009 5,412.88 978.71 22.07
2010 5,899.94 487.06 9.00
2011 5,572.28 −327.66 −5.55
2012 5,897.81 325.53 5.84
2013 6,749.09 851.29 14.43
2014 6,566.09 −183.00 −2.71
2015 6,274.05 −292.04 −4.45
2016 7,142.83 868.78 13.85
2017 7,687.77 544.94 7.63
2018 6,728.13 −959.64 −12.48
2019 7,542.44 814.31 12.10
2020 6,460.52 −1,081.92 −14.34
2021 7,384.54 924.02 14.30
2022 7,451.74 67.20 0.91
2023 7,733.24 281.50 3.78
2024 8,173.02 439.76 5.69

ConstituentsTemplate:AnchorEdit

The following table lists the FTSE 100 companies after the changes on 24 March 2025.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Company Ticker citation CitationClass=web

}}</ref>

3i III Financial services
Admiral Group ADM Insurance
Airtel Africa AAF Telecommunications services
Alliance Witan ALW Investment Trusts
Anglo American plc AAL Mining
Antofagasta plc ANTO Mining
Ashtead Group AHT Support services
Associated British Foods ABF Food & tobacco
AstraZeneca AZN Pharmaceuticals & biotechnology
Auto Trader Group AUTO Media
Aviva AV Life insurance
Babcock International BAB Aerospace & defence
BAE Systems BA Aerospace & defence
Barclays BARC Banks
Barratt Redrow BTRW Household goods & home construction
Beazley BEZ Insurance
Berkeley Group Holdings BKG Household goods & home construction
BP BP Oil & gas producers
British American Tobacco BATS Tobacco
BT Group BT-A Telecommunications services
Bunzl BNZL Support services
Centrica CNA Multiline utilities
Coca-Cola Europacific Partners CCEP Beverages
Coca-Cola HBC CCH Beverages
Compass Group CPG Support services
Convatec CTEC Health care equipment & supplies
Croda International CRDA Chemicals
DCC plc DCC Support services
Diageo DGE Beverages
Diploma DPLM Industrial Support services
Endeavour Mining EDV Precious Metals and Mining
Entain ENT Travel & leisure
EasyJet EZJ Travel & leisure
Experian EXPN Support services
F & C Investment Trust FCIT Collective investments
Fresnillo plc FRES Mining
Games Workshop GAW Leisure Goods
Glencore GLEN Mining
GSK plc GSK Pharmaceuticals & biotechnology
Haleon HLN Pharmaceuticals & biotechnology
Halma plc HLMA Electronic equipment & parts
Hikma Pharmaceuticals HIK Pharmaceuticals & biotechnology
Hiscox HSX Non-life Insurance
Howdens Joinery HWDN Homebuilding & construction supplies
HSBC HSBA Banks
IHG Hotels & Resorts IHG Travel & leisure
IMI IMI Machinery, tools, heavy vehicles, trains & ships
Imperial Brands IMB Tobacco
Informa INF Media
Intermediate Capital Group ICG Financial services
International Airlines Group IAG Travel & leisure
Intertek ITRK Support services
JD Sports JD General retailers
Kingfisher plc KGF Retailers
Land Securities LAND Real estate investment trusts
Legal & General LGEN Life insurance
Lloyds Banking Group LLOY Banks
LondonMetric Property LMP Real Estate Investment Trusts
London Stock Exchange Group LSEG Financial services
M&G MNG Financial services
Marks & Spencer MKS Food & drug retailing
Melrose Industries MRO Aerospace & defence
Mondi MNDI Containers & packaging
National Grid plc NG Multiline utilities
NatWest Group NWG Banks
Next plc NXT General retailers
Pearson plc PSON Media
Pershing Square Holdings PSH Financial services
Persimmon PSN Household goods & home construction
Phoenix Group PHNX Life insurance
Polar Capital Technology Trust PCT Investment trusts
Prudential plc PRU Life insurance
Reckitt RKT Household goods & home construction
RELX REL Media
Rentokil Initial RTO Support services
Rightmove RMV Media
Rio Tinto RIO Mining
Rolls-Royce Holdings RR Aerospace & defence
Sage Group SGE Software & computer services
Sainsbury's SBRY Food & drug retailing
Schroders SDR Financial services
Scottish Mortgage Investment Trust SMT Collective investments
Segro SGRO Real estate investment trusts
Severn Trent SVT Multiline utilities
Shell plc SHEL Oil & gas producers
Smiths Group SMIN General industrials
Smith & Nephew SN Health care equipment & supplies
Spirax Group SPX Industrial engineering
SSE plc SSE Electrical utilities & independent power producers
Standard Chartered STAN Banks
St. James's Place STJ Financial services
Taylor Wimpey TW Household goods & home construction
Tesco TSCO Food & drug retailing
Unilever ULVR Personal goods
United Utilities UU Multiline utilities
Unite Group UTG Real estate investment trusts
Vodafone Group VOD Mobile telecommunications
Weir Group WEIR Industrial goods and services
Whitbread WTB Retail hospitality
WPP WPP Media

Past constituentsEdit

All changes are due to market capitalisation unless noted otherwise. Template:Columns-list

Source: "FTSE: FTSE 100 Constituent Changes" (Template:Small)

FT 30Edit

{{#invoke:Labelled list hatnote|labelledList|Main article|Main articles|Main page|Main pages}} The oldest continuous index in the UK is the FT 30, also known as the Financial Times Index or the FT Ordinary Index (FTOI).<ref>The History Channel - Financial Times Index Template:Webarchive. Retrieved 8 August 2008</ref> 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,<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref> 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:<ref>Remaining companies in the FT30</ref> 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.<ref>Template:Harvnb</ref>

See alsoEdit

Other lists
Stock market lists

ReferencesEdit

Template:Reflist

Template:FTSE 100 Index constituents Template:European Stock market indices Template:Navboxes

SourcesEdit

Template:Refbegin

Template:Refend

Template:Authority control

External linksEdit