CRH returning to influential Euro Stoxx 50

After a two year absence from the index...

Building materials giant CRH is set to rejoin the Euro Stoxx 50 this month, two years on from falling out of Europe's leading blue-chip stocks index.

The country's largest publicly-quoted company was named among three companies due to be promoted to the index on September 19, the Irish Times reports.

Rumours were swirling over the summer that CRH would regain its position, as its shares surged in value.

Stock market index company, Stoxx Ltd in Zurich, confirmed the move this week.

German sportswear giant Adidas and Belgo-Dutch supermarket group Ahold Delhaize look set to join CRH.

Shares in CRH climbed to a nine-year high of €30.32 on the Irish Stock Exchange in August.

The Dublin-based firm has revealed that it is targeting full year earnings in excess of €3 billion.

Its operating profits interim earnings before interest, tax, depreciation and amortisation more than doubled to €1.12 billion in the first half of 2016.

Since Nokia usurped CRH's position on the Euro Stoxx 50 in 2014, there have been no Irish companies on the index.