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Taylor Wimpey in FTSE promotion as Wolseley is relegated

House builder Taylor Wimpey is returning to the FTSE 250 while Wolseley is dropping out of the FTSE 100 – the index of the UK’s 100 biggest stock market listed firms.

Taylor Wimpey dropped out of the FTSE 250 last December having been in the FTSE 100 as recently as March 2008.

The house builder’s promotion from the FTSE SmallCap index is further good news for the housebuilding sector which has enjoyed a few signs of light in recent weeks.

Taylor Wimpey’s shares were up four per cent this morning at 19 pence.

Building materials firm Wolseley has launched a rights issue to raise £1 billion from investors in a bid to reduce its net debts of £2.5 billion.

Earlier this month the firm reported pre-tax profits of £97 million for the six months to the end of January, down 61 per cent on the same period last year.

The FTSE changes will take effect from Monday 23 March following the FTSE’s UK Index Series quarterly review.