NewRiver to join FTSE 250 as Countrywide drops out

NewRiver REIT is set to join the FTSE 250 after market close today while estate agency firm Countrywide will drop out of the index.

In the quarterly reshuffle of the FTSE 100 and FTSE 250, NewRiver is set to join the FTSE 250 having made the transition from the AIM market to the main market of the London Stock Exchange in August.

Since then, it has posted strong half-year results and is one of only a few property companies to still be trading ahead of net asset value (NAV).

Countrywide is set to drop out of the FTSE 250 after being hit by the slowdown in the housing market and weaker sentiment since the EU referendum. Its shares also tumbled last week after a profit warning.

In the FTSE 100 reshuffle, after Berkeley Group dropped out in September, building supplies firm Travis Perkins will lose out alongside Polymetal International this time around. Intu came close to being demoted.  

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