With an S&P/TSX composite index quarterly review scheduled for June, UBS Securities Canada Inc. is attempting to guess who’s likely headed for promotion into the index, and who faces relegation.

UBS notes that the S&P/TSX Canadian Index Policy Committee is expected to announce changes to the flagship index within the next two weeks. The changes will take effect after close on June 17.

It suggests that five companies appear to qualify for inclusion: OPTICanada, Great Canadian Gaming, NuVista Energy, Saskatchewan Wheat Pool and Real Resources. These firms satisfy all the criteria for inclusion and may be added to the S&P/TSX Composite Index, UBS suggests.

And, it notes, four companies appear vulnerable to deletion from the index. “We believe that Fraser Papers, Gabriel Resources, Coolbrands International and Zarlink Semiconductor failed to meet the minimum size requirement for continued inclusion and will be deleted from the S&P/TSX Composite Index,” it declares.

Other companies that appear large enough to join the index, but don’t satisfy all the criteria are: ACE Aviation Holdings, Reitmans and GMP Capital.