Medical care and packaging winners in FTSE reshuffle

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Continence and critical care business ConvaTec and packaging business Smurfit Kappa have been promoted to the FTSE 100 in the index’s latest reshuffle this week.

ConvaTec only listed in October in a £1.5bn deal, but already has a market cap of £4.8bn.

But housing materials business Travis Perkins and Polymetal International, a metals business that was only promoted to the index three months ago, have fallen out of the large cap index into the FTSE 250.

Scottish Mortgage Investment Trust is on the reserve list for the large cap FTSE index, while leisure and retail property investor NewRiver REIT is among the new additions to the FTSE 250.

A number of investment trusts made it to the FTSE 250 reserve list, including Vietnam Enterprise Investments, F&C Global Smaller Companies, Jupiter European Opps and the BlackRock World Mining Trust.

AJ Bell investment director Russ Mould says Polymetal suffered from the reversal in gold prices as investors shift away from safe haven assets in the aftermath of the US elections, in the hope that increased fiscal stimulus will boost markets.

“Travis Perkins lasted longer at three years but was hurt by a profit warning in October.”