Ithaca Energy will join the FTSE 100 Index on 21 September, the company confirmed, following FTSE Russell's announcement on 2 September.
The North Sea-focused oil and gas producer's promotion moves it out of the FTSE 250 and into the UK's benchmark index of the largest listed companies.
Executive Chairman Yaniv Friedman said the move reflects "ongoing efforts of optimisation, growth and delivery of shareholder value", adding that the company looks forward to engaging with the new pool of investors the FTSE 100 listing brings.
Index promotion typically widens a stock's investor base, as funds tracking the FTSE 100 are required to buy shares to match the index.
The change takes effect from 21 September.
News Intelligence what this means for the company
Ithaca Energy has been promoted from the FTSE 250 to the FTSE 100 Index, effective 21 September, following FTSE Russell's quarterly reshuffle. The move is mechanical—index funds tracking the FTSE 100 must buy shares to match the index—and typically widens the shareholder base, but carries no news about the company's operations, strategy, or financial performance.
The promotion is a technical event that may improve liquidity and broaden the investor base, but does not alter Ithaca Energy's underlying business fundamentals or competitive position in North Sea oil and gas production.
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