The company’s share has risen 35% over the past three weeks.
After its share traded below the IPO price for two months, shareholders in 888 Holding plc (LSE:888), operator of the world’s largest online gambling site, can begin to smile. Not only has the share begun to climb rapidly, but after surpassing its IPO price, it might be included in the FTSE 250 index on December 19 (based on its closing price on the preceding session on December 16). The FTSE 250 is the London Stock Exchange’s (LSE) second most important index, after the FTSE 100.
Following the large number of IPOs on the LSE in recent months, the LSE’s management has decided to update the composition of the indices to reflect the newly listed companies. Beginning today Kazakh copper company Kazakhmys plc (LSE:KAZ) and shipbuilder P&O will replace Pizza Hut franchisee Whitbread plc (LSE:WTB) and gambling agency William Hill plc (WMH) on the FTSE 100.
The announcement on 888.com’s inclusion on the FTSE 250 index was presumably a factor boosting its share lately. The company’s share has risen 35% over the past three weeks to ₤1.84, reflecting a return of 5% on its IPO price.
Published by Globes [online], Israel business news - www.globes.co.il - on December 8, 2005