Grafton to be placed 200 on LSE

It is believed that Grafton will be placed around 200 when the company is listed on the London Stock Exchange, which means that it is eligible for inclusion in the FTSE 250.

The builders’ merchanting and DIY group announced on Aug 28 that it was reviewing its listing on the Irish Stock Exchange (ISE) with a view to moving its shares to the London market. Following the completion of this review, it has given notice to the ISE that it intends to exit its Dublin listing. Its application for inclusion in the FTSE UK Index Series will begin on Nov 12 and if it meets the requirements, then it would be included in the index series at the close of business on Dec 20.

Consequently from March of next year, all Grafton dividends will be denominated in sterling. It is the latest Irish PLC that has opted to delist in Dublin in favour of London following in the footsteps of DCC, United Drug, Greencore and Icon among others.