Barratt gains FTSE 100 promotion

The FTSE share indexes are revised every three months

Housebuilder Barratt Developments has been promoted to the FTSE 100 following the latest reshuffle of the key London stock market indexes.

Barratt is replacing Bradford & Bingley in the top index, with the bank dropping into the FTSE 250.

Sports Direct, which floated on the London market in February, has replaced Woolworths in the FTSE 250 index.

Membership of each index is assessed every three months, and is based on the market value of the listed members.

Companies whose market capitalisation increases to place them among the top 90 firms on the London market are automatically promoted to the FTSE 100. Those firms ranked outside the top 110 drop into the FTSE 250.

The latest reshuffle was based on Tuesday's closing prices on the London Stock Exchange, and confirmed following a meeting of the FTSE Committee on Wednesday.