Sirius Minerals pushed back to the FTSE small-cap index

on Oct 26, 2019
Updated: Mar 11, 2020
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  • Sirius Minerals knocked out of the FTSE 250 Index into the FTSE small-cap index.
  • Just Eat pushed back into the FTSE 250 index from the FTSE 100 index.
  • Prudential and M&G found a spot in FTSE 100 following the demerger.
  • Sirius Minerals trading at record low in the past five years.

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Following the M&G and Prudential’s demerger, both firms have found a spot in the FTSE 100 index. On the other hand, recent news highlights that Sirius Minerals has departed from the FTSE 250. As of Wednesday, October 23rd, 2019, following an 87% drop in share prices in a year, Sirius Minerals is no longer listed on the FTSE 250 index. The plans that Yorkshire based potash miners had previously highlighted to support the share prices were widely criticized and labeled too cocky by the financial experts.

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Sirius Minerals Departs From The FTSE 250 Index

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Other than Sirius Minerals being pushed back to the FTSE small-cap index, the UK based online food delivery service, Just Eat has also been sidelined from FTSE 100 and has been listed in the FTSE 250, according to the provider FTSE Russell. Previously, there were also rumors of Sirius Minerals planning to go private, however, Mr. Chris Fraser, the current Chief Executive Officer (CEO) had immediately muted the rumors with a statement that Daily Mail had misquoted him as there are no plans for the company to go off the stock market as of now.

Earlier this year, Sirius Minerals had announced a rather ballsy plan of building a Woodsmith mine into a Polyhalite producer that could produce 10 million tonnes annually. However, the plan backfired following the miner’s failure in securing $500 million of funding from the bond market. With the collapsed investment, the plan could not be realized.

The stock analysts, however, have remarked that even with the bond market-derived funding of $500 million, Sirius Minerals was still remarkably short of the investment that was originally estimated at $5 billion for the project to be completed.

Sirius Minerals Trading At Its Record Low In 5 Years

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Sirius Minerals has dropped steeply in the stock market in the past week. The share prices were reported to have opened at 3.36 GBX on Monday. The stock traded below the opening level for the most part throughout the week. It opened at 3.03 GBX on Friday. With a downbeat pattern for the day, the stock has made a weekly low of 2.96 GBX before closing at 2.98 GBX for the week. This marks a record low for Sirius Minerals in the past 5 years. The stock had marked its year-to-date high of around 24 GBX back in April of 2019.

The strategy for Sirius Minerals to pick up the pace moving forward from here is expected to be revealed in time.  

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