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Editor's letter - The fortunes made and lost in the FTSE.
(From Financial Director)
February marks the 20th anniversary of the launch of the FTSE-100 index - and there's a lot of fun to be had looking back at the list of the original constituents. About two-dozen or so companies have been in the index from inception - it depends how you count some of the major reconstructions such as Diageo - so you have to admire their staying power at the very least.
But sheer size and bulk saves no one. GEC was the third-largest company in the FTSE-100 20 years ago. It's new name, Marconi, is now a by-word for corporate cock-up. BTR was ranked 8th, but as Invensys it, too, has slipped out of the top 100. And ICI, whose share price was invariably referred to as the 'bellwether' of the London stock markets, is on the bottom rungs of the main index.
There have been loads of mergers and a couple of failures (British & Commonwealth and Ferranti). We've lost some curious names from the industrial landscape (British Electric Traction and Standard Telephones & Cables) and gained some interesting new arrivals. British Telecom ...
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