FTSE winners and losers named

BSKYB, ORANGE, Anglo American, Colt Telecom and Telewest will be the worst absolute losers under rule changes announced yesterday by FTSE International on how companies will be weighted in its indices.

The greatest winners will include the likes of BP Amoco, Vodafone AirTouch, British Telecom, HSBC Holdings and Glaxo Wellcome. FTSE International has decided to recalculate its indices by cutting the weighting given to stocks where a company's ownership structure or capitalisation policy restricts the amount of company stock available - the "free float". FTSE International is also to remove the existing ban on UK subsidiaries having a separate listing on the FTSE All Share Index. This means that Freeserve, Dixons' recently floated Internet arm, can now be included in the All Share for the first time.

Outlook, page 15