Sports Direct enters FTSE 100 after sales jump

Sports Direct has been confirmed as a new member of the blue chip index after sales jump.

08:18 12 September 2013

Clothing retailer Sports Direct, founded by Newcastle United Owner Mike Ashley, will enter FTSE 100 after better-than-expected jump in quarterly sales and profits. The group has seen shares increased more than double in value since the company was listed in 2007.

The FTSE 100 is updated every quarter reflecting changes in the market value of companies. On September 23, the reshuffle will take place.

Aside from Sports Direct, Greek coke bottle Coca Cola will also enter the blue chip index following its move to switch primary listing from Athens to London earlier this year.

However, Serco, an outsourcing firm, will lose its place on the FTSE 100. The company is now under investigation and may face suspension of future government contracts due to its practices. Its shares fell by 8.5per cent since the end of June.