The Daily Mail and General Trust has dropped out of the FTSE 100 index after its share price fell to its lowest level in more than four years.
The company – which includes Daily Mail publisher Associated Newspapers and regional newspapers division Northcliffe – was yesterday ranked the 118th biggest publicly listed company in the UK, and will be relegated to the FTSE 250 on Christmas Eve as part of a quarterly clear-out.
DMGT has seen more than £1.1bn wiped from its value since June. Shares closed last night at 513p, their lowest since March 2003, valuing the publisher at £1.9bn.
Six months ago, the company was worth more than £3bn, with shares priced around the £8 mark.
The DMGT finance director, Peter Williams, had warned in a Press Gazette interview last month that the company’s share price might continue to fall.
The publisher – which became one of the UK’s 100 biggest companies in 1999 – was dropped from the FTSE 100 last June but readmitted in March this year.
Its relegation at the end of the year will leave five news organisations in the top FTSE 100 list: BSkyB, ITV, Pearson, Reed Elsevier and Reuters.