London-based trading provider CMC Markets (LSE: CMCX) has been inducted into the FTSE 250, an index which measures the largest companies on the London Stock Exchange. Global index provider, FTSE Russell has confirmed the news in the latest quarterly index reshuffle, which takes effect from September 21.
CMC had strong underlying performance in the business throughout the year, which was enhanced by increased market activity in the final quarter.
Quarterly changes to the blue-chip index was officially announced on Wednesday evening, whereby firms drop out of and into the index according to their new market valuations. Although the stock has depreciated by over 15 percent from all-time highs it hit earlier in July, but the spread’s closing market value of £900 million helped it comfortably secure promotion.
The FTSE 250 Index is a capitalisation-weighted index, and lists the largest 101st to the 350th publicly quoted companies in the UK market.
The announcement comes as CMC Markets released its trading update from the most recent two months earlier today.