Berkeley Group may knock Weir off the FTSE 100
Housebuilder Berkeley Group could replace industrial engineer Weir in the FTSE 100 in mid-September, according to indicative data from FTSE International.
Berkeley Group Holdings (The)
5,040.00p
16:40 03/05/24
FTSE 100
8,213.49
16:59 03/05/24
FTSE 250
20,164.54
17:00 03/05/24
FTSE 350
4,515.50
16:54 03/05/24
FTSE All-Share
4,469.09
17:14 03/05/24
Household Goods & Home Construction
13,389.34
16:54 03/05/24
Industrial Engineering
13,534.47
16:54 03/05/24
Weir Group
2,014.00p
16:40 03/05/24
Shares in Weir, which was promoted to London’s top-flight index in 2010, have tumbled in the last 12 months amid declining oil prices, but Berkeley rallied as the housebuilding sector benefited from government initiatives.
In June, Weir posted a 75% drop in first-half pre-tax profit on the back of a downturn in US oil and gas activity. It said its businesses in oil and gas were affected as oil prices remained around 50% lower than the previous year. This led to significant reductions in activity, with upstream operations in particular impacted.
Berkeley’s fellow housebuilders Barratt Developments and Taylor Wimpey were bumped up to the FTSE 100 at the end of last year.
The quarterly reshuffle will be announced on Wednesday. Changes to the FTSE 100 will be based on Tuesday's closing prices and will take effect from close of business on 18 September.
At 1230 BST, Berkeley shares were down 2.3% at 3,294p while Weir shares were 2.4% lower at 1,370p.