Easyjet will return to the FTSE 100 almost four years after its fall during the pandemic.
Global index provider FTSE Russell said the airline is on track to be promoted when the next reshuffle takes place next month.
The changes will be based on the stock’s closing prices on Tuesday of next week.
Easyjet is valued at £4.2bn and its shares have risen 55 per cent since October.
That puts it on track to replace Endeavor Mining, which is likely to fall from the FTSE 250 after a 26 per cent fall in its share price so far this year left it worth £3.2bn.
Take-off: Global index provider FTSE Russell said the airline is on track to rise back to the FTSE 100 when the next shake-up takes place next month.
The shakeup comes as analysis by investment platform AJ Bell shows that more than half of the top 350 shares listed in London have failed to recover in the four years since the Covid market crash.
Shares of 194 companies are still below where they were on February 21, 2020, the last trading session before markets around the world went into free fall.
The FTSE 350 index, which is made up of the FTSE 100 and 250, plunged as the spread of the virus accelerated.
Investors were spooked by the prospect that government stay-at-home orders would put global economies on pause.
The index has since recovered all of its losses.
But 55 per cent of FTSE 350 companies were still languishing well below their pre-Covid levels.
Dan Coatsworth, investment analyst at brokerage AJ Bell, said: “The big global gains in recent years have been in the technology sector, which is grossly underrepresented on the London Stock Exchange.”
Oil and gas company Harbor Energy suffered the biggest drop, falling 87 percent behind its pre-accident price, followed by automaker Aston Martin, which was down 82 percent.