As predicted [WAMN: 11-Sep-01] Carlton Communications, one of the power duo controlling the ITV Network (along with Granada Media), has suffered the ignomy of eviction from the prestigious FTSE 100 share index – the Financial Times/Stock Exchange league table of Britain's top one hundred listed companies.
The quarterly reshuffling of the FTSE pack also saw the ejection of the UK’s second largest cable network, US-owned Telewest. Together with Carlton its market valuation had plummeted below that of newcomers to the elite club – all ‘old economy’ stocks such as utilities group Severn Water and financial services company Friends Provident.
The demoted pair’s share price had been hit by the slide in advertising revenues. The promotions and relegations are effective from September 24.
News source: BBC Online Business News (UK)