Royal Mail, ContourGlobal, On The Beach promoted in FTSE reshuffle

Royal Mail has bounced straight back into the FTSE 100 after just three months out of the top flight index, while it was all-change as the FTSE 250 index welcomed demoted Hammerson and new names including Bakkavor, Charter Court and ContourGlobal plus retail stalwart Games Workshop.

Online travel agent also On The Beach, plus investment trusts Pantheon International and Baillie Gifford Japan Trust also were promoted to the mid-cap index, FTSE Russell confirmed on Wednesday evening.

All constituent changes to the FTSE 100 and 250 indices will be applied after the close of business on Friday 16 March and be effective on Monday 19 March.

Making way for the newcomers, seven companies were demoted from the FTSE 350, from near-£580m MITIE Group, via Acacia Mining, N Brown Group, Hansteen Holdings, Vectura Group, AA and Dignity. There is many a tale of woe in that bunch, inlcuding Dignity's loss of 67% of its value since mid-November, N Brown's 29% decline and Mitie's 22% slump.

Of the newer names, ContourGlobal is a provider of wholesale renewable and thermal power generation in Europe, Latin America and Africa. It floated in November with a market cap of £1.7bn, of which just over £300m was new cash raised for the company at its issue price of 250p, which has since risen to 280p. US private equity group Reservoir Capital owns 69% of the shares.

Bakkavor is a provider of fresh prepared food, had a market cap of just over £1bn when it floated 25% of its shares at 180p on 10 November, with co-founders Agust Gudmundsson and Lydur Gudmundsson, the former who is CEO, still own 50%.

Charter Court Financial Service is a specialist mortgage lender, operating in the retail market as Charter Savings Bank, via intermediaries as Precise Mortgages and to institutional clients through Exact Mortgage Experts. Floated by US-owned private equity group Elliott International at a market cap of £550m at 230p in October, with £20m going to the Plc, and has seen its share price climb well above 300p this year.

Pantheon International, an investment trust that invests in private equity funds around the world, has been steadily growing since it was founded in 1987 by private equity group Pantheon.

On The Beach floated in 2015 with a market cap of roughly £240m at its offer price of 184p. This has since surged above 570p.