In a sign of the recent times, Weir is on course to lose its place in the FTSE 100, to be replaced by housebuilder Berkeley Group.
Engineering group Weir, down 31p at 313.73 in a falling market, supplies equipment to the oil and gas sector, and with the collapse in the crude price contracts and orders have been delayed and activity declined significantly. Recent results showed a 40% fall in the group’s first half profits.
Although it hoped for an improvement in the second half, the crude price continues to drop, with Brent down another 2% at $53 a barrel in the wake of the day’s weak Chinese manufacturing data.
Meanwhile Weir’s possible replacement in the leading index is builder Berkeley Group, 88p lower at £32.84, as the housing market continues to grow.
The changes to the FTSE constituents will be announced on Wednesday, based on Tuesday’s closing prices, and come into effect at the start of trading on Monday 21 September.
