(Bloomberg) -- Budget airline EasyJet Plc is on track to reclaim its place in the UK’s blue-chip equity index, almost four years after it dropped out of the benchmark during the Covid-19 outbreak.

The company would replace Endeavour Mining Plc, which is set to be demoted to the FTSE 250, according to indicative results announced by index compiler FTSE Russell on Tuesday. 

EasyJet has rallied more than 50% since an October low amid a broader market rebound while also benefiting from tighter capacity among short-haul airlines, higher pricing and an easing in fuel costs. Last month’s trading update suggested strong summer bookings and increased demand for its package holiday offerings.

Related story: EasyJet Eyes FTSE Return After Pandemic-Era Demotion: AJ Bell

Still, even after the surge, the shares remain well-below their pre-Covid price. After the pandemic-era plunge, the company later faced fierce competition from discount rivals Ryanair Holdings Plc and Wizz Air Holdings Plc, while also being hit by industrial action that disrupted travel from its base, London Gatwick.

Endeavour shares, meanwhile, have fallen 28% in the past year. The stock tumbled last month after the firm announced it fired Chief Executive Officer Sebastien de Montessus, citing “serious misconduct.”

The final FTSE review will be based on market capitalizations as of Feb. 27 and will be announced Feb. 28. As of Tuesday’s close, EasyJet had a market capitalization of £4.2 billion ($5.3 billion). Endeavour Mining was valued at £3.2 billion.

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