Russian miners hit by sanctions likely to get boot from FTSE 100

Buenos Aires, Argentina, 24th March 2022, ZEXPRWIRE, Two Russia-focused mining operators are expecting to get the boot and therefore be out of the U.K.’s benchmark FTSE 100 Index after the invasion of Ukraine sparked a selloff in Russian assets.

Steel company Evraz Plc and gold miner Polymetal International Plc will likely be removed from the index after their shares plummeted in the wake of Russia’s attack on Ukraine, said Susannah Streeter, an analyst at Hargreaves Lansdown Plc. The U.S. and European Union hit Moscow with a wave of sanctions against a raft of individuals, companies and institutions, prompting a selloff in Russia-focused assets.

Evraz has slumped 63% since the start of last week, while Polymetal shares have plunged 76%.

“After Russia invaded Ukraine and then stringent sanctions were imposed on Moscow, the fortunes of the Russia-focused miners Evraz and Polymetal International have reversed dramatically,” Streeter said.

The final rejig is set to be announced on Wednesday after the market closes by FTSE Russell, the index provider owned by London Stock Exchange Group Plc.

Investors have turned to gold as a safe haven, boosting Endeavour Mining Plc into pole position to join the FTSE 100, according to Streeter. It owns and operates mines in west Africa. Another likely candidate for promotion is kitchen maker Howden Joinery Plc, which is seen to hang on to its strong performance during the pandemic.

(Compiled and submitted by the Media Team of L.T. Extraction Works)

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Torre Renoir II, Marta Lynch 485
Puerto Madero, Ciudad Autonoma
Buenos Aires
Argentina
1106