FTSE to launch tech stock indicies

Investors following the fortunes of European technology stocks will be able to track share prices through a series of 11 share indices under the FTSE eTX label.

Covering all European technology companies valued at 110m euros (£66m) or more, the main new indices, available from 2 October, are the FTSE eTX All-Share, the FTSE eTX50 (for pan-European firms) and the FTSE eTX Euro 50 for those trading in Europe only.

A further index, the FTSE eTX Innovation, will cover progressive small and medium capitalised companies. The remaining eight cover individual sectors such as ecommerce, the internet, software, computer hardware, semiconductors, computer services and telecoms equipment.

The indices will boast a dedicated website created by FTSE with the support of Deutsche Bank.

Mark Makepeace, managing director at FTSE, said: "Today, technology companies form an important part of all investors' portfolios. The FTSE eTX All-Share provides fund managers with the tools to analyse and evaluate the technology market."

Meanwhile, the quarterly review of the FTSE 100, the premier league of listed companies, was completed on Wednesday.

Freeserve, the ISP majority owned by Dixons, kept its place in the elite list despite its share price falling significantly over the quarter, because of a scrapped takeover bid by T-Online and poorer than expected financial results.

Baltimore Technology, which entered the FTSE100 for the first time since March only to drop out again in June, has re-entered the list and is now ranked 89th highest capitalised of the firms.

Granada Media Group, Dimension Data, Electro-components and Spirent were also added. The five making way for the additions are Corus Group, Scottish and Newcastle, Rolls-Royce, Hanson and Associated British Foods.

As well as kudos value, a place in the FTSE 100 usually boosts the share prices of the company listed as fund managers who track the bigger firms place buy orders on the stock.