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Technicolor and FirstGroup to leave STOXX 600, Ladbrokes finds place

Reuters - UK Focus

LONDON, March 1 (Reuters) - French media company Technicolor and British transport firm FirstGroup (LSE: FGP.L - news) will be taken off the pan-European STOXX 600 index to make way for UK firms including Electrocomponents (LSE: ECM.L - news) and Ladbrokes (Amsterdam: LB6.AS - news) Coral, STOXX Ltd said.

STOXX, which operates Deutsche Boerse Group’s index business, said late on Tuesday that Britain's Metro Bank (Frankfurt: 6MB.F - news) and TP ICAP will also be added to the widely followed regional stock index.

Demotions from a major stock index can lower demand for a company's shares as funds that track the index may sell its shares, while conversely companies that win promotion may attract more interest from investors.

The latest changes will take effect on March 20, STOXX said in a statement, adding that Berendsen (LSE: BRSN.L - news) , Immofinanz (Hamburg: 748833.HM - news) , Essentra (LSE: ESNT.L - news) , Wereldhave (LSE: 0NMR.L - news) , Ultra Electronics and Topdanmark (LSE: 0QCQ.L - news) will also be removed from the Stoxx 600 index to make way for new companies.

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Other companies to be added to the index include Scout24 , TGS and SSP Group (Frankfurt: 83S.F - news) .

STOXX also said the sector classifications for SFR Group (LSE: 0QSQ.L - news) will change to "telecommunications" and for Philips (Amsterdam: PHIA.AS - news) to "health care". (Reporting by Atul Prakash; Editing by Hugh Lawson)