In the latest rebalancing of the country’s largest 100 companies, Hikma Pharmaceuticals and the large shopping centre investor Intu Properties were demoted into the FTSE 250. Taking their place in the FTSE 100 are the security solutions group G4S and the property company Segro.

Debenhams was one of six companies to drop out of the broader FTSE 250 Index, alongside Allied Minds, AO World, BH Macro, Keller and SVG Capital. Replacing them in the index of mid cap stocks are Coats Group, FDM Group, Melrose Industrials, Pershing Square Holdings, Sirus Minerals and TBC Bank Group.

The changes will all take effect on June 19.

Commenting on the changes, Ian Forrest, an investment research analyst at The Share Centre, said:  “Hikma Pharmaceuticals shares have been dropping off in the group of late after it emerged the company was unlikely to receive US regulatory approval for a generic drug for asthma this year, with further data submissions needed before approval.

“Combine this with the impact of the recent devaluation of the Egyptian pound and the high scrutiny its management are under for failing to carry out proper due diligence for the acquisition of West Ward Columbus, it is unsurprising to see the group in this predicament.

“Intu Properties, which is a real estate investment trust (Reit) has, like many of its peers, seen its shares underperform in recent months due to concerns about the impact of Brexit on the UK economy and retail sales. The group did beat market expectations with its full year results in February and said it was confident of achieving an increase in net rental income in 2017 despite what is likely to be a challenging business environment. Nevertheless, the consensus forecasts for earnings and dividend growth are uninspiring.”

Forrest describes G4S and Segro as two “exciting” entrants to the index. With operations in over 110 countries, G4S specialises in outsourcing business processes in sectors where security and safety risks are considered a strategic threat.

The Share Centre has previously picked G4S as its stock of the week as a higher risk, long-term recovery buy idea for the contrarian investor. It cited management changes owing to past problems and the continued demand for security work in an “unsettled world” behind its pick.

Segro meanwhile develops and manages warehouse and industrial properties located on the edge of major urban conurbations in the UK and Europe. Forrest said it has benefited from the rise in online retailing and the accompanying need for more warehousing around the country.