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Sports Direct on track for FTSE 100

Sports Direct is set to join the FTSE for the first time since it floated on the London Stock Exchange.

FTSE Group decides the constituents of its indices by listing companies by their market capitalisation. The Telegraph said Sports Direct’s surging valuation has put the retailer on course to jump from the FTSE 250 to the top flight next month.  

It would mark the first time the retailer has joined the FTSE 100.

Sports Direct has enjoyed record sales and profits, with the company last month reporting a 40% rise in full-year pre-tax profits to £207m.

The paper said shares in the retailer had jumped 72% since the start of the year to close at 664½p on Friday, giving the company a market value of almost £4bn.

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