Easyjet is headed for a post-pandemic return to the FTSE 100 after falling out of the top flight when aircrafts were grounded during lockdown.
According to provisional results from the index compiler FTSE Russell, the low-cost carrier will replace the gold mine giant Endeavour Mining.
Endeavour will be downgraded to the FTSE 250 mid-cap index, alongside construction and property firm Kier and the logistics provider Wincanton.
Shares in Endeavour have tumbed over a quarter in the past year. The company’s chief executive, Sébastien de Montessus, was dismissed for “serious misconduct” over allegations surrounding a multimillion-dollar “irregular payment.”
Easyjet’s stock has risen over 16 per cent in the last twelve months, as it cashed in on a resurgence in travel demand.
The budget airline has placed an order for a bumper crop of aircraft, while reinstating its dividend after record full-year profits in 2023.
Its founder Stelios Haji-Ioannou, who set up the business in 1994, recently called for Easyjet to pursue a US Nasdaq listing, arguing it would help close ground on rival Ryanair.
Changes to the index will be announced after markets close next Wednesday and are based on closing prices from the prior day.
The quarterly index review measures changes to market capitalisation. FTSE 100-listed firms that are 111th biggest in the wider market are downgraded.