FTSE 100
Performance of the FTSE 100 index between January 1984 and December 2025
Foundation3 January 1984
OperatorFTSE Russell
ExchangesLondon Stock Exchange
Trading symbol
  • UKX
Constituents100 (December 2025)
TypeLarge-cap
Market cap£2.399 trillion (December 2025)
Weighting methodCapitalisation-weighted
Related indices
  • FTSE 250 Index
  • FTSE 350 Index
  • FTSE SmallCap Index
  • FTSE All-Share Index
  • FTSE Fledgling Index
  • FTSE AIM UK 50 Index
Websiteofficial website
Reuters.FTSE
BloombergUKX:IND

The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index, FTSE 100, FTSE or, informally, the "Footsie" /ˈfʊtsi/, is one of the United Kingdom's best-known stock market indices and represents the 100 most highly capitalised blue chips listed on the London Stock Exchange.[1]

History

The index started on 3 January 1984,[2][3] having been constructed by the London Stock Exchange to better reflect activity on the market. The index would replace the Financial Times' own FT 30 after its public unveiling on 14 February.[4][5][6] As late as 10 February, the Stock Exchange referred to the index as 'SE 100', cutting out the Financial Times who had not contributed to its construction. Recognition was ultimately given to the fact that having the FT involved in the official launch possessed value.[7]

The new index allowed the Stock Exchange's own London Traded Options Market (LTOM) to launch an options contract derived from the FTSE's real-time data in May 1984, while competitors LIFFE were quick to coincide their launch of the futures contract.[8][9][10]

Usage of the index grew, although the tradeable index contracts struggled to gain traction: annual volume on the FTSE futures contract fell short of 89,000 in 1985, pale in comparison to the 15 million lots traded on the S&P 500 index contract.[11] By 1986, Margaret Thatcher's sweeping financial deregulation and high profile privatisations of index members British Telecom, British Gas, and British Aerospace had culminated in the Big Bang.[12] The combination of a new index, major privatisations, LIFFE tradable derivatives, and promotion by the Financial Times led to the FTSE 100 becoming the most widely used indicator of whether the UK stock market was rising or falling.[13]

In 1987, privatisations continued with British Airways and British Petroleum. The latter concluded on the same day as Black Monday, a crash in which the index fell 21.73% in two days; one of those days is still the index's worst single-day return, –12.22%.[12] While the index was in freefall trading volume of the futures contract hit a record high of 9,111 contracts in a single day. By comparison the volume in the week preceding the crash averaged 2,400 contracts per day.[14]

By the spring of 1992 LTOM was sold to LIFFE for a nominal sum, consolidating derivatives of the FTSE 100 index into one exchange.[15][16][17] Trading of these instruments remained solely in the institutional domain since the significant investment required to deliver electronic trading limited retail access at the time.[18] Nonetheless annual volumes for 1992 in FTSE futures and options contracts hit a new high of 2.6 million and 2.2 million respectively.[19] In the autumn the Bank of England directed by HM Treasury under John Major's government failed to prop up sterling to maintain the European Exchange Rate Mechanism. A swift devaluation of sterling on Black Wednesday and exit from the ERM benefitted the globally trading FTSE index constituents enormously as exports became cheaper overnight.[20] Closing on the 15 September 1992 at 2,370.0 the index would almost triple by the end of the decade hitting a high of 6,930.2 on 30 December 1999.[21]

In 2024, there were the most delistings from the London market since the 2008 financial crisis, with companies citing higher valuations and cheaper costs available by switching to NYSE. Among them Ashtead Group, CRH, and Flutter represented almost £120 billion in FTSE 100 market capitalisation. Takeovers from private equity further reduced the available pool of companies that could be drawn on to populate the index, with Hargreaves Lansdown also set to delist. Across the entire exchange there were five delistings for every new issue, with speculation at the close of the year around the future of index stalwarts British American Tobacco, Rio Tinto, and Shell.[22]

Description

The index has trading symbol UKX[1] and is maintained by FTSE Russell, a wholly owned subsidiary of London Stock Exchange Group, which originated as a joint venture between the Financial Times and the London Stock Exchange. It is calculated in real time and published every second when the market is open.[2]

The FTSE 100 broadly consists of the largest 100 qualifying UK companies by full market value.[23] The total market value of a company is calculated by multiplying the share price of the company by the total number of shares they have issued.[24] However, many of these are internationally focused companies: therefore the index's movements are a fairly weak indicator of how the UK economy is faring and are significantly affected by the exchange rates of the pound sterling.[25] A better indication of the UK economy is the FTSE 250 Index, as it contains a smaller proportion of international companies.[26]

Even though the FTSE All-Share Index is more comprehensive, the FTSE 100 is by far the most widely used UK stock market indicator. Other related indices are the FTSE 250 Index (which includes the next largest 250 companies after the FTSE 100), the FTSE 350 Index (which is the aggregation of the FTSE 100 and 250), FTSE SmallCap Index and the FTSE Fledgling Index. The FTSE All-Share aggregates the FTSE 100, FTSE 250 and FTSE SmallCap.[1]

The index consists of 18 ICB Supersectors, four of which had a market capitalisation exceeding £200 billion as of 31 December 2025. These are Banks, Health Care, Industrial Goods and Services and Energy, which together account for approximately 53% of the index's capitalisation.[27] On the same date, there were four companies with a market cap exceeding £100 billion: AstraZeneca, HSBC, Shell and Unilever, which together accounted for approximately 28% of the market cap.[27]

FTSE 100 ICB Supersector Marketcap to the nearest billion £ sterling as at December 2025
ICB Supersector Marketcap (£ billion)[27]
Banks 412
Health Care 330
Industrial Goods and Services 294
Energy 226
Personal Care Drug and Grocery Stores 185
Food Beverage and Tobacco 177
Basic Resources 162
Financial Services 133
Utilities 110
Insurance 88
Technology 70
Consumer Products and Services 64
Travel and Leisure 41
Telecommunications 31
Retailers 28
Real Estate 26
Media 18
Chemicals 4

Each calendar quarter, the FTSE's constituents are reviewed and some companies exit or enter the index, resulting in irregular trading volume and price changes as market participants rebalance their portfolios.[3]

Weighting

In the FTSE indices, share prices are weighted by free-float capitalisation, so that the larger companies, with more of their stock "floating", make more of a difference to the index than smaller companies. The basic formula for these indices is:[28]

I n d e x   v a l u e = T o t a l   m a r k e t   v a l u e I n d e x   d i v i s o r {\begin{aligned}\mathrm {Index~value} &={\frac {\mathrm {Total~market~value} }{\mathrm {Index~divisor} }}\end{aligned}} {\begin{aligned}\mathrm {Index~value} &={\frac {\mathrm {Total~market~value} }{\mathrm {Index~divisor} }}\end{aligned}}

expanded to,

I n d e x   v a l u e = ∑ i = 1 n ( P r i c e   o f   s t o c k i , t × N u m b e r   o f   s h a r e s i , t × F r e e   f l o a t   f a c t o r i , t ) I n d e x   d i v i s o r {\begin{aligned}\mathrm {Index~value} &={\frac {\sum _{i=1}^{n}\left(\mathrm {Price~of~stock} _{i,t}\times \mathrm {Number~of~shares} _{i,t}\times \mathrm {Free~float~factor} _{i,t}\right)}{\mathrm {Index~divisor} }}\end{aligned}} {\begin{aligned}\mathrm {Index~value} &={\frac {\sum _{i=1}^{n}\left(\mathrm {Price~of~stock} _{i,t}\times \mathrm {Number~of~shares} _{i,t}\times \mathrm {Free~float~factor} _{i,t}\right)}{\mathrm {Index~divisor} }}\end{aligned}}

where the sum of the products of the p r i c e {\displaystyle price} {\displaystyle price}, s h a r e s {\displaystyle shares} {\displaystyle shares}, and F F F {\displaystyle FFF} {\displaystyle FFF} for each component beginning at i = 1 {\displaystyle i=1} {\displaystyle i=1} through to, usually, n = 100 {\displaystyle n=100} {\displaystyle n=100} at time t {\displaystyle t} {\displaystyle t} are divided by the i n d e x   d i v i s o r {\displaystyle index~divisor} {\displaystyle index~divisor} to give the i n d e x   v a l u e {\displaystyle index~value} {\displaystyle index~value}.

The free float factor represents the percentage of all issued shares that are readily available for trading, rounded up to the nearest multiple of 5%. The free-float capitalisation of a company is its market capitalisation multiplied by its free float adjustment factor. It therefore does not include restricted stocks, such as those held by company insiders.[28]

It follows that the i n d e x   d i v i s o r {\displaystyle index~divisor} {\displaystyle index~divisor} at any chosen time, when there are no changes, is derived by rearranging the basic formula to give:

I n d e x   d i v i s o r = T o t a l   m a r k e t   v a l u e I n d e x   v a l u e {\begin{aligned}\mathrm {Index~divisor} &={\frac {\mathrm {Total~market~value} }{\mathrm {Index~value} }}\end{aligned}} {\begin{aligned}\mathrm {Index~divisor} &={\frac {\mathrm {Total~market~value} }{\mathrm {Index~value} }}\end{aligned}}

However, as with any price index the FTSE 100 Index is always changing, whether by corporate action or constituent change. In order to maintain a true reflection of market price movements the i n d e x   d i v i s o r {\displaystyle index~divisor} {\displaystyle index~divisor} is adjusted to mitigate any effect these changes have on the index value.

FTSE Russell employs the index formula developed by Hermann Paasche for adjusting the i n d e x   d i v i s o r {\displaystyle index~divisor} {\displaystyle index~divisor} for values preceding a corporate action and uses the change in the i n d e x   v a l u e {\displaystyle index~value} {\displaystyle index~value} arising from the adjusted divisor to calculate the new value on the day of the corporate action.[28]

The Paasche formula is given as:

I t P a a s = ∑ i = 1 n P i , t Q i , t ∑ i = 1 n P i , 0 Q i , t {\begin{aligned}\mathrm {I} _{t}^{Paas}&={\frac {\sum _{i=1}^{n}\mathrm {P} _{i,t}\mathrm {Q} _{i,t}}{\sum _{i=1}^{n}\mathrm {P} _{i,0}\mathrm {Q} _{i,t}}}\end{aligned}} {\begin{aligned}\mathrm {I} _{t}^{Paas}&={\frac {\sum _{i=1}^{n}\mathrm {P} _{i,t}\mathrm {Q} _{i,t}}{\sum _{i=1}^{n}\mathrm {P} _{i,0}\mathrm {Q} _{i,t}}}\end{aligned}}

where,

I t P a a s {\displaystyle \mathrm {I} _{t}^{Paas}} {\displaystyle \mathrm {I} _{t}^{Paas}} = Paasche Index
P i , t {\displaystyle \mathrm {P} _{i,t}} {\displaystyle \mathrm {P} _{i,t}} = price at start of day t {\displaystyle t} {\displaystyle t} for constituent i {\displaystyle i} {\displaystyle i} after adjustments for action or event
P i , 0 {\displaystyle \mathrm {P} _{i,0}} {\displaystyle \mathrm {P} _{i,0}} = price of constituent i {\displaystyle i} {\displaystyle i} on the starting day of calculating the index
Q i , t {\displaystyle \mathrm {Q} _{i,t}} {\displaystyle \mathrm {Q} _{i,t}} = number of shares included in the index for constituent i {\displaystyle i} {\displaystyle i} at the start of day t {\displaystyle t} {\displaystyle t}

Since the index is always based on the prior value and not the fixed base value, a Chained Paasche Index is used to chain each new value with the last continuously. This is given by the formula:

I t P a a s = I t − 1 P a a s ∑ i = 1 n P i , t Q i , t ∑ i = 1 n P i , t − 1 Q i , t {\begin{aligned}\mathrm {I} _{t}^{Paas}&=\mathrm {I} _{t-1}^{Paas}{\frac {\sum _{i=1}^{n}\mathrm {P} _{i,t}\mathrm {Q} _{i,t}}{\sum _{i=1}^{n}\mathrm {P} _{i,t-1}\mathrm {Q} _{i,t}}}\end{aligned}} {\begin{aligned}\mathrm {I} _{t}^{Paas}&=\mathrm {I} _{t-1}^{Paas}{\frac {\sum _{i=1}^{n}\mathrm {P} _{i,t}\mathrm {Q} _{i,t}}{\sum _{i=1}^{n}\mathrm {P} _{i,t-1}\mathrm {Q} _{i,t}}}\end{aligned}}

In isolation, the Chained Paasche Index will not adjust the prior closing value, resulting in an abnormal price difference. FTSE Russell utilises a p r i c e   a d j u s t m e n t   f a c t o r {\displaystyle price~adjustment~factor} {\displaystyle price~adjustment~factor} to give continuity, given by the formula:

I t P a a s = I t − 1 P a a s ∑ i = 1 n P i , t Q i , t ∑ i = 1 n P i , t − 1 Q i , t P A F i , t {\begin{aligned}\mathrm {I} _{t}^{Paas}&=\mathrm {I} _{t-1}^{Paas}{\frac {\sum _{i=1}^{n}\mathrm {P} _{i,t}\mathrm {Q} _{i,t}}{\sum _{i=1}^{n}\mathrm {P} _{i,t-1}\mathrm {Q} _{i,t}\mathrm {PAF} _{i,t}}}\end{aligned}} {\begin{aligned}\mathrm {I} _{t}^{Paas}&=\mathrm {I} _{t-1}^{Paas}{\frac {\sum _{i=1}^{n}\mathrm {P} _{i,t}\mathrm {Q} _{i,t}}{\sum _{i=1}^{n}\mathrm {P} _{i,t-1}\mathrm {Q} _{i,t}\mathrm {PAF} _{i,t}}}\end{aligned}}

So the i n d e x   v a l u e {\displaystyle index~value} {\displaystyle index~value} or I t P a a s {\displaystyle \mathrm {I} _{t}^{Paas}} {\displaystyle \mathrm {I} _{t}^{Paas}} is equal to the product of the previous i n d e x   v a l u e {\displaystyle index~value} {\displaystyle index~value} or I t − 1 P a a s {\displaystyle \mathrm {I} _{t-1}^{Paas}} {\displaystyle \mathrm {I} _{t-1}^{Paas}} at time t − 1 {\displaystyle t-1} {\displaystyle t-1}, one period before, and the sum of the products of constituents i {\displaystyle i} {\displaystyle i} through n {\displaystyle n} {\displaystyle n}'s price P {\displaystyle P} {\displaystyle P} and quantity Q {\displaystyle Q} {\displaystyle Q} at time t {\displaystyle t} {\displaystyle t} divided by the sum of the products of constituents i {\displaystyle i} {\displaystyle i} through n {\displaystyle n} {\displaystyle n}'s price P {\displaystyle P} {\displaystyle P} at time t − 1 {\displaystyle t-1} {\displaystyle t-1} and their quantity Q {\displaystyle Q} {\displaystyle Q} and their p r i c e   a d j u s t m e n t   f a c t o r {\displaystyle price~adjustment~factor} {\displaystyle price~adjustment~factor} at time t {\displaystyle t} {\displaystyle t}.

Futures contracts

The benchmark FTSE 100 futures contracts are traded on the ICE Futures Europe (ICEU) exchange, formerly the London International Financial Futures Exchange (LIFFE). The value of each contract is 10 GBP × index points and is specified as:[29]

FTSE 100 (Z) contract specifications
Contract size 10 GBP × index points
Exchange ICEU
Sector Index
Contract Symbol Z
Tick size 0.5
Tick value 5 GBP
Basis Point Value 10
Denomination GBP
Decimal places 1

On the last trading day of each quarterly futures contract, the settlement price is determined using an intraday auction of all FTSE 100 stocks on the London Stock Exchange, starting at 10:15.[29]

Record values

The index has reached the following record values:

Category All-time highs
Closing 10,910.55 27 February 2026
Intraday 10,934.94 27 February 2026

The index began on 3 January 1984 at the base level of 1,000.[30] The highest closing value of 10,910.55 was reached on 27 February 2026 and the highest intraday value of 10,934.94 was also reached on 27 February 2026.[31]

Annual returns

The following table shows the annual development of the calculation of the FT 30 Index from 1969 to 1983, and the FTSE 100 since 1984.[32][33][34][35][36]

Year Closing level Change in index
(points) (%)
1969 313.16
1970 289.61 −23.55 −7.52
1971 411.03 121.42 41.93
1972 463.72 52.69 12.82
1973 318.30 −145.42 −31.36
1974 142.17 −176.13 −55.33
1975 335.98 193.81 136.32
1976 322.98 −13.00 −3.87
1977 455.96 132.98 41.17
1978 468.06 12.10 2.65
1979 488.40 20.34 4.35
1980 620.60 132.20 27.07
1981 665.50 44.90 7.23
1982 812.37 146.87 22.07
1983 1,000.00 187.63 23.10
1984 1,232.20 232.20 23.22
1985 1,412.60 180.40 14.64
1986 1,679.00 266.40 18.86
1987 1,712.70 33.70 2.01
1988 1,793.10 80.40 4.69
1989 2,422.70 629.60 35.11
1990 2,143.50 −279.20 −11.52
1991 2,493.10 349.60 16.31
1992 2,846.50 353.40 14.18
1993 3,418.40 571.90 20.09
1994 3,065.50 −352.90 −10.32
1995 3,689.30 623.80 20.35
1996 4,118.50 429.20 11.63
1997 5,135.50 1,017.00 24.69
1998 5,882.60 747.10 14.55
1999 6,930.20 1,047.60 17.81
2000 6,222.46 −707.74 −10.21
2001 5,217.35 −1,005.11 −16.15
2002 3,940.36 −1,276.99 −24.48
2003 4,476.87 536.49 13.62
2004 4,814.30 337.57 7.54
2005 5,618.76 804.46 16.71
2006 6,220.81 602.05 10.71
2007 6,456.91 236.10 3.80
2008 4,434.17 −2,022.74 −31.33
2009 5,412.88 978.71 22.07
2010 5,899.94 487.06 9.00
2011 5,572.28 −327.66 −5.55
2012 5,897.81 325.53 5.84
2013 6,749.09 851.29 14.43
2014 6,566.09 −183.00 −2.71
2015 6,274.05 −292.04 −4.45
2016 7,142.83 868.78 13.85
2017 7,687.77 544.94 7.63
2018 6,728.13 −959.64 −12.48
2019 7,542.44 814.31 12.10
2020 6,460.52 −1,081.92 −14.34
2021 7,384.54 924.02 14.30
2022 7,451.74 67.20 0.91
2023 7,733.24 281.50 3.78
2024 8,173.02 439.76 5.69
2025 9,931.38 1,758.36 21.51

Constituents

The following table lists the FTSE 100 companies after the changes on 2 March 2026.[37]

Company Ticker FTSE industry classification benchmark sector[38]
3i III Financial services
Admiral Group ADM Insurance
Airtel Africa AAF Telecommunications services
Alliance Witan ALW Investment Trusts
Anglo American plc AAL Mining
Antofagasta plc ANTO Mining
Associated British Foods ABF Food & tobacco
AstraZeneca AZN Pharmaceuticals & biotechnology
Autotrader Group AUTO Media
Aviva AV Life insurance
Babcock International BAB Aerospace & defence
BAE Systems BA Aerospace & defence
Barclays BARC Banks
Barratt Redrow BTRW Household goods & home construction
Beazley BEZ Insurance
Berkeley Group Holdings BKG Household goods & home construction
BP BP Oil & gas producers
British American Tobacco BATS Tobacco
British Land BLND Real estate
BT Group BT.A Telecommunications services
Bunzl BNZL Support services
Burberry Group BRBY Personal goods
Centrica CNA Multiline utilities
Coca-Cola Europacific Partners CCEP Beverages
Coca-Cola HBC CCH Beverages
Compass Group CPG Support services
Convatec CTEC Health care equipment & supplies
Croda International CRDA Chemicals
DCC plc DCC Support services
Diageo DGE Beverages
Diploma DPLM Industrial Support services
Endeavour Mining EDV Precious Metals and Mining
Entain ENT Travel & leisure
EasyJet EZJ Travel & leisure
Experian EXPN Support services
F & C Investment Trust FCIT Collective investments
Fresnillo plc FRES Mining
Games Workshop GAW Leisure Goods
Glencore GLEN Mining
GSK plc GSK Pharmaceuticals & biotechnology
Haleon HLN Pharmaceuticals & biotechnology
Halma plc HLMA Electronic equipment & parts
Hikma Pharmaceuticals HIK Pharmaceuticals & biotechnology
Hiscox HSX Non-life Insurance
Howdens Joinery HWDN Homebuilding & construction supplies
HSBC HSBA Banks
ICG ICG Financial services
IHG Hotels & Resorts IHG Travel & leisure
IMI IMI Industrial engineering
Imperial Brands IMB Tobacco
Informa INF Media
International Airlines Group IAG Travel & leisure
Intertek ITRK Support services
JD Sports JD General retailers
Kingfisher plc KGF Retailers
Land Securities LAND Real estate investment trusts
Legal & General LGEN Life insurance
Lloyds Banking Group LLOY Banks
LondonMetric Property LMP Real Estate Investment Trusts
London Stock Exchange Group LSEG Financial services
M&G MNG Financial services
Marks & Spencer MKS Food & drug retailing
Melrose Industries MRO Aerospace & defence
Metlen Energy & Metals MTLN Multiline utilities
Mondi MNDI Containers & packaging
National Grid plc NG Multiline utilities
NatWest Group NWG Banks
Next plc NXT General retailers
Pearson plc PSON Media
Pershing Square Holdings PSH Financial services
Persimmon PSN Household goods & home construction
Polar Capital Technology Trust PCT Investment trusts
Prudential plc PRU Life insurance
Reckitt RKT Household goods & home construction
RELX REL Media
Rentokil Initial RTO Support services
Rightmove RMV Media
Rio Tinto RIO Mining
Rolls-Royce Holdings RR Aerospace & defence
Sage Group SGE Software & computer services
Sainsbury's SBRY Food & drug retailing
Schroders SDR Financial services
Scottish Mortgage Investment Trust SMT Collective investments
Segro SGRO Real estate investment trusts
Severn Trent SVT Multiline utilities
Shell plc SHEL Oil & gas producers
Smiths Group SMIN General industrials
Smith & Nephew SN Health care equipment & supplies
Spirax Group SPX Industrial engineering
SSE plc SSE Electrical utilities & independent power producers
Standard Chartered STAN Banks
Standard Life SDLF Life insurance
St. James's Place STJ Financial services
Tesco TSCO Food & drug retailing
Tritax Big Box REIT BBOX Real Estate Investment Trusts
Unilever ULVR Personal goods
United Utilities UU Multiline utilities
Vodafone Group VOD Mobile telecommunications
Weir Group WEIR Industrial goods and services
Whitbread WTB Retail hospitality

Past constituents

All changes are due to market capitalisation changes unless noted otherwise.

Source: "FTSE: FTSE 100 Constituent Changes" (PDF; 57.9 KB)

FT 30

The oldest continuous index in the UK is the FT 30, also known as the Financial Times Index or the FT Ordinary Index (FTOI).[236] It was established in 1935 and nowadays is largely obsolete due to its redundancy. It is similar to the Dow Jones Industrial Average, and companies listed are from the industrial and commercial sectors. Financial sector companies and government stocks are excluded.

Of the original constituents,[237] three are currently in the FTSE 100: Tate & Lyle, Imperial Tobacco and Rolls-Royce, although Rolls-Royce has not been continuously listed and Imperial Tobacco was a subsidiary of Hanson for a number of years, and is now renamed as Imperial Brands. Only one of the original FT 30 companies is still in that index:[238] Tate & Lyle (membership is not strictly based on market capitalisation, so this does not mean they are necessarily among the top thirty companies in the FTSE 100). The best performer from the original lineup has been Imperial Tobacco.[239]

See also

Other lists
Stock market lists

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