The FTSE 100 index will wave goodbye to Direct Line Insurance Group PLC (LON:DLG), Marks & Spencer Group PLC (LON:MKS) and Micro Focus International PLC (LON:MCRO) later this month.

FTSE Russell confirmed the results of the September 2019 quarterly review will see generic drug maker Hikma Pharmaceuticals PLC (LON:HIK), aerospace engineer Meggitt PLC (LON:MGGT) and Russian gold miner Polymetal International PLC (LON:POLY) promoted to the blue chip index.

The changes will take effect from first trading on Monday, 23 September. 

Fund manager Neil Woodford was dealt another blow as the investment trust that bears his name, Woodford Patient Capital Trust (LON:WPCT) was booted out of the FTSE 250 index.

Joining the fund among the FTSE small caps will be fashion brand Ted Baker PLC (LON:TED) and Metro Bank PLC's (LON:MTRO), the challenger bank currently much beloved of short-sellers.

Others to be demoted from the mid-cap index will be embattled unconventional lenders Amigo Holdings PLC (LON:AMGO) and Funding Circle Holdings PLC (LON:FCH).

READ: Amigo warns of higher impairments as it prepares for regulatory crackdown and hard Brexit

https://www.proactiveinvestors.co.uk/companies/news/901700/amigo-warns-of-higher-impairments-as-it-prepares-for-regulatory-crackdown-and-hard-brexit-901700.html

Reeling from structural changes in the retail sector, shopping centre owner Intu Properties PLC (LON:INTU) was also officially confirmed as a small cap.

Promoted to the ranks of the FTSE 250 will be a quartet of recently floated companies: Travelex owner Finablr PLC (LON:FIN); Airtel Africa PLC (LON:AAF), the telecoms business owned by Indian giant Bharti Airtel; UK rail and coach booking app Trainline PLC (LON:TRN); and retailer Watches of Switzerland Group PLC (LON:WOSG).