![[Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years](https://theafricanbusiness.com/wp-content/uploads/2023/02/TALA-APP-360x180.jpg "[Kenya] Digital credit provider Tala disbursed Sh240 billion in loans in eight years 18")
Russian miners hit by sanctions likely to get boot from FTSE 100
Two Russia-focused miners are expected to get kicked out of the U.K.’s benchmark FTSE 100 Index after the invasion of Ukraine sparked a selloff in Russian assets.
Steel company Evraz Plc and gold miner Polymetal International Plc will likely be removed from the index after their shares plummeted in the wake of Russia’s attack on Ukraine, said Susannah Streeter, an analyst at Hargreaves Lansdown Plc. The U.S. and European Union hit Moscow with a wave of sanctions against a raft of individuals, companies and institutions, prompting a selloff in Russia-focused assets.
Evraz has slumped 63% since the start of last week, while Polymetal shares have plunged 76%.
“After Russia invaded Ukraine and then stringent sanctions were imposed on Moscow, the fortunes of the Russia-focused miners Evraz and Polymetal International have reversed dramatically,” Streeter said.
Changes to the index will be determined by Tuesday’s closing prices, with the final rejig to be announced on Wednesday after the market closes by FTSE Russell, the index provider owned by London Stock Exchange Group Plc.
Investors have turned to gold as a safe haven, boosting Endeavour Mining Plc into pole position to join the FTSE 100, according to Streeter. It owns and operates mines in west Africa. Another likely candidate for promotion is kitchen maker Howden Joinery Plc, which is seen to hang on to its strong performance during the pandemic.
Budget airline EasyJet Plc’s hopes of moving up to the large-cap gauge have been dashed by a pullback in its shares, hit by mounting worries about fuel costs, travel bans stemming from the war and the broader impact of the invasion on travel sentiment.
