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Hikma pushes Tullow Oil out of UK's FTSE 100

Reuters - UK Focus

LONDON, March 4 (Reuters) - Hikma Pharmaceuticals (LSE: HIK.L - news) has pushed Tullow Oil (LSE: TLW.L - news) out of Britain's benchmark FTSE 100 equity index, following a drop in Tullow's stock price while Hikma's shares rose.

The changes were announced by FTSE Group on Wednesday.

Getting into the FTSE 100 can often fuel further demand for a company's shares, since funds that track the FTSE or invest in the index can then add that stock to their portfolio.

The rankings are decided on market capitalisation. Companies with the lowest market cap in the FTSE 100 drop into the FTSE 250 mid-cap index, and companies with the highest market cap on the FTSE 250 get promoted into the top index.

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Tullow has been hit by a slump in the oil price and concerns that a boundary dispute between Ivory Coast and Ghana could delay a project off the West African coast.

By contrast, in November Hikma raised its annual revenue growth target due to strong demand for its products.

All changes from the reshuffle will be implemented at the close of business on March 20 and take effect from the start of trading on March 23. (Reporting by Sudip Kar-Gupta; Editing by Atul Prakash)