ITV faces eviction from FTSE 100

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The FTSE 100 Index Series Committee gave its final decision on the blue chips to be relegated to the second tier in the Footsie overhaul, which takes place later this month.

ITV and Carphone are among four firms that will be booted out, with the UK's second biggest pubs group, Enterprise Inns and Ukrainian miner Ferrexpo also down for demotion to the FTSE 250.

ITV shares raced ahead by nearly 7% on speculation of a renewed bid from Virgin Media after news that former ITV boss Charles Allen had joined the cable group.

But the rise came too late to help ITV retain its place in the Footsie.

The group's relegation will also leave the number of media companies in the FTSE 100 at its lowest level for more than 10 years, according to research from accountants BDO Stoy Hayward.

Based on Tuesday's closing price, top tier firms Carphone Warehouse, ITV, Enterprise Inns and Ferrexpo lay outside the UK's top 100 companies ranked by market capitalisation and therefore face ejection.

On the flip-side, FTSE 250 companies Inmarsat, which operates satellite equipment, software firm Autonomy and bus and trains group Stagecoach were inside the top 100 and are therefore in line for promotion.

Fresnillo, which is the owner of the world's largest silver mine in Mexico and listed in London in June, was also a top 100 firm and will gain a meteoric rise to the top flight.

The quarterly reshuffle changes will now be implemented from the end of trading on September 19.