Discount retailer B&M has secured a place in the FTSE 100 index, replacing British broadcaster ITV after its nine-year run.

B&M European Value Retail SA will join the stock market index for the first time after seeing a surge in sales throughout the pandemic with more customers visiting stores and buying more items.

In contrast, ITV has been a member of the index since 2011 and has seen its share price fall by 50 per cent since the beginning of March. The dip has been blamed on lower advertising revenues due to lower production and ad demand.

B&M's share price has steadily increased since March and closed yesterday (September 2) at 474.70 pence, equating to a market value of £4.75billion.

These changes will come into effect from September 21.