Easyjet lands south of FTSE 100 reshuffle

Budget airline Easyjet has landed south of the FTSE 100 as part of the latest market reshuffle.

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

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

The FTSE 100 closed the day up 5.93 points at 7,220.22 points, buoyed by a stellar Wall Street performance and gains by housebuilders.

Sterling crept higher on a largely positive UK PMI services report, which beat expectations.

The pound was up 0.07 per cent to $1.270 versus the dollar and increased 0.22 per cent to €1.130 versus the euro.

In stocks, Non-Standard Finance( NSF) plummeted as it called off its hostile £1.3 billion offer for doorstep lending rival Provident after failing to gain enough backing for the bid. NSF shares closed down 5.05p at 41.95p, while shares in Provident jumped 71.8p to 517.8p, after a number of investors in the lender publicly said they opposed the takeover attempt.

Ladbrokes and Coral owner GVC saw shares rise, despite suffering a stinging shareholder revolt at its annual general meeting. Britain’s biggest bookmaker closed 15p higher at 625p.

Meanwhile, Sir Philip Green’s Arcadia group has delayed a crunch vote on its restructuring plans, as the retailer remains locked in negotiations with landlords. The company said it would adjourn a meeting of suppliers, landlords and other creditors voting on seven company voluntary arrangements until 12 June.