British Gas owner Centrica back in the Footsie after reshuffle

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British Gas owner Centrica back in the Footsie after reshuffle – while Royal Mail and ITV tumble out

By Daily Mail City & Finance Reporter

Published: | Updated:

Centrica will storm back into the FTSE 100 in the latest reshuffle.

Shares in the FTSE 250 British Gas owner have risen more than 10 per cent this year following a surge in energy prices fuelled by the Ukraine war.

That is enough to see the business promoted to the top flight having lost its blue-chip status in June 2020.

British Gas parent company Centrica is set to profit from another increase in energy price cap

Centrica has enjoyed higher revenues from its nuclear and gas production business this year while it is set to profit from another increase in the energy price cap in the autumn.

The reshuffle – which is based on yesterday’s closing prices and will take place on June 20 – will also see the student accommodation provider Unite Group promoted on the back of its occupancy rates recovering as students switched from online to in-person classes.

Royal Mail and ITV will tumble out of the FTSE 100 into the 250 in a dramatic fall from grace for two of Britain’s leading companies.

Shares in the delivery group are down more than 43 per cent over the past year. Broadcaster ITV will also face the boot amid concerns regarding advertising revenue and streaming competition.

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