Hikma to replace Inmarsat in FTSE 100 index

LONDON, June 1 (Reuters) - Hikma Pharmaceuticals (LSE: HIK.L - news) will be promoted to Britain's benchmark FTSE 100 equity index after a sharp rally in its shares since March, while satellite company Inmarsat (Other OTC: IMASF - news) will drop out of the FTSE.

A spokesman for the London Stock Exchange (Other OTC: LDNXF - news) announced the change via telephone on Wednesday.

Getting into the FTSE 100 can often fuel further demand for a company's shares, since funds that track the FTSE or invest in the index can then add that stock to their portfolio, while the inverse is true if a company falls out of the FTSE 100.

Shares (Berlin: DI6.BE - news) in Hikma, which reiterated its guidance for 2016 last month and said it continued to expect full year group revenue in the range of $2.0 billion to $2.1 billion, have surged 45 percent since mid-March.

On the other hand, Inmarsat has fallen 37 percent since early February as the company is facing tough trading conditions in its maritime and government markets businesses.

A slowdown in the global economy has hit its shipping-related operations, one of the main engines for cash flow in the satellite communications group. (Reporting by Atul Prakash; Editing by Sudip Kar-Gupta)