EasyJet nosedives out of FTSE 100 after market reshuffle

Budget airline EasyJet has crashed out of the FTSE 100 as part of the latest market reshuffle.

EasyJet was joined on the way out of London’s top flight by Hikma pharmaceuticals, which was also pulled down into the FTSE 250.

High street giant Marks & Spencer narrowly avoided the chop after its shares tumbled by nearly a fifth over the past six months, as it was saved from an embarrassing demotion from the top tier.

The quarterly reshuffle by the FTSE Russell, which is based on Tuesday’s closing share prices, has seen sportswear retailer JD Sports jump into London’s top flight to make its debut in the index.

Its shares have surged as it has bucked the wider high street gloom with rising sales and profits.

The promotion has capped a successful recent share run for the chain and comes in stark contrast to the stock market fortunes of its main rival Sports Direct.

The retailer has been bumped up to the leading index alongside software Aveva.

The Cambridge-headquartered business recently sealed a deal to merge with France’s Schneider that effectively doubled the company’s size.

JD Sports and Aveva pipped FTSE 250 rivals Cineworld, Homeserve and Weir Group to the promotion.

The FTSE 250 has also seen a number of new entrants on the back of the review, with Future, 4imprint Group, Kainos, Marstons, Network International, Paypoint and PPHE Hotel Group all entering the index.

Kier Group, which saw shares dive by 40% on Monday, leads the list of firms set to exit the FTSE 250 index.

Kier will be joined by 888 Holdings, Civitas Social Housing, Indivior, Just Group, Saga and Stobart Group.

Changes made from the review will be implemented at the close of trading on Friday June 21, to take effect from the start of trading on Monday June 24.