For readers who may not be aware, being market-cap weighted both the FTSE 100 and the FTSE 250 index are reviewed and rebalanced every three months to take account of share price movements.

In the previous review, which took place at the end of February, budget airline group EasyJet (EZJ) won promotion to the FTSE 100 while precious metals group Endeavour Mining (EDV) was relegated to the FTSE 250 where it was joined by newcomers Kier Group (KIE) and Wincanton (WIN).

In the latest review, which took place earlier this week, there were two promotions to the FTSE 100 index and six stocks joined the FTSE 250 index.

Cyber security and software firm Darktrace (DARK) has joined the premier index, although how long it will remain a member is moot as it is currently the subject of a $5.3 billion recommended cash offer from Chicago-based private equity firm Thoma Bravo.

Also joining the big league is housebuilder Vistry (VTY), whose shares and market cap have jumped more than two thirds in the last year since it moved to a partnership model.

Making way for the new joiners are online grocery delivery platform Ocado (OCDO), whose shares are among the most volatile in the UK market, as Shares has previously demonstrated, and wealth management firm St James’s Place (STJ), with both stocks dropping into the FTSE 250 mid-cap index.

Joining them in the index are four financial companies, beginning with Alpha Group International (ALPH) which describes itself as half fintech, half consultancy, and which only recently changed its listing from AIM to the main market.

Also promoted to the mid-cap benchmark are investor favourite Brunner Investment Trust (BUT), steered by Julian Bishop and Christian Schneider; specialist fund management group Liontrust Asset Management (LIO); and Reading-based pensions consulting and administration business XPS Pensions (XPS).

Leaving the FTSE 250 index are Ukraine-based iron ore miner Ferrexpo (FXPO); transport operator Mobico (MCG), better known to most investors under its previous incarnation as National Express; specialist energy and energy storage fund NextEnergy Solar (NESF); and ‘net-zero transition’ fund Octopus Renewables Infrastructure Trust (ORIT), which together with NextEnergy Solar tells the story of how the renewables theme has fallen out of favour with investors. 

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