For anyone who owns a FTSE 100, FTSE 250 or FTSE All-Share tracker fund or ETF, there are one or two changes next week as a result of the latest quarterly index review.

Investors in these securities don’t need to do anything themselves as the underlying indices – compiled by FTSE Russell, part of London Stock Exchange Group (LSEG) – will automatically implement the changes from the start of trading on 18 March.

There is only one change to the large-cap benchmark this quarter, with budget airline Easyjet (EZJ) replacing Endeavour Mining (EDV), which owns and operates gold mines in Ivory Coast and Senegal.

Easyjet shares have climbed 57% from lows of 350p last October to 550p today, giving the company a market cap of £4.1 billion, after it said it would resume dividend payments thanks to ‘record’ summer trading.

Endeavour on the other hand has seen its shares fall from over £18 in December to less than £15 today, giving it a market cap of £3.6 billion, following news at the start of the year that chief executive Sebastien de Montessus was stepping down immediately due to ‘alleged serious misconduct’.

In the FTSE 250 index, as well as musical chairs between Easyjet and Endeavour there are four further changes.

Infrastructure, services and property firm Kier (KIE) is promoted to the mid-cap index after its market value topped £600 million thanks to a positive first-half trading update on the back of strong volumes in its construction business.

Somerset-based logistics firm Wincanton (WIN) also joins the FTSE 250 index due to a 90% rally in its shares year-to-date, which is the result of a bid battle between US giant GXO and Ceva, part of French shipping and logistics firm CMA CGM.

Given GXO appears to have won the battle, Wincanton’s stay in the mid-cap index is likely to be short-lived and there could be another change at the next quarterly review.

To make way for the new joiners, technology services firm FDM (FDM) and Irish-based oil and gas exploration company Tullow Oil (TLW) are demoted to the small-cap segment of the market.

For Tullow, which for many years was a stalwart of the FTSE 100, relegation from the FTSE 250 marks fresh indignity in its history as a public company.

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