Cairn dropped from FTSE 100 index

The review was based on Tuesday's closing share prices

Oil company Cairn Energy is to be demoted from the FTSE 100 share index following the latest reshuffle.

Its place will be taken by media firm Daily Mail and General Trust, which was ejected from the top UK share index only nine months ago.

Membership of the index is assessed every three months, and is based on the market value of the listed members.

The changes made following the latest review of the FTSE indexes will come into effect on Monday 19 March.

The latest reshuffle was based on Tuesday's closing prices on the London Stock Exchange.

Companies in the FTSE 100 index who are outside the top 110 firms by market value when the review is carried out are vulnerable to demotion.

At the close of trade on Tuesday, Cairn was the 116th largest UK-listed firm by market capitalisation while Daily Mail was ranked 93rd.

Other changes will see new listing Bluebay Asset Management join the FTSE 250 index, and its arrival demotes financial administration company Paypoint to the FTSE SmallCap.