Cable & Wireless leaving FTSE 100 after split
Comms firm Cable & Wireless has completed its planned demerger into Cable & Wireless Worldwide (CWW) and Cable & Wireless Communications (CWC) but the international division will be leaving the FTSE 100 index of Britain's leading firms, as it is not large enough to be counted.
Cable & Wireless Worldwide, the confusingly-named UK division, closed up 23% at the end of Friday trading, giving it a market cap of £2.4bn. Its gains continued on Monday, according to
, after analysts at investment bank Nomura backed the stock.
Hailing an "important milestone" in the firm's history, CWW CEO Jim Marsh said: "We are committed to further developing the business and creating significant additional value for our shareholders."
Meanwhile CWC, which trades in central America, the Carribbean, Macau and Monaco, unveiled a new brand identity on Friday. CEO Tony Rice said: "The demerger of Cable & Wireless has in effect returned our business to its shape prior to its entry into the UK market in the 1980s. It will bring an increased focus to our business as we seek to realise the excellent growth opportunities that exist in our markets."