All change as FTSE 100 reshuffle could lead to ITV and Weir relegation

Analysts think that Morrisons and Meggitt are due a promotion into the FTSE 100 index. They are likely to pass ITV and Weir Group, above, the Glasgow-headquartered global engineer, which are expected to drop back into the FTSE 250.

Broadcaster ITV looks set to continue its yo-yo trip in and out of the FTSE 100, while takeover bids for supermarket giant Morrisons and component maker Meggitt should push them back into the blue-chip index, with Glasgow’s Weir potentially dropping out.

FTSE Russell, the arbiter of who gets to stay in the UK's top-flight index and who drops out, is due to announce the latest reshuffle this Wednesday. The decision will be based on the value of each stock at the close of play on Tuesday.

As it stands, analysts think that Morrisons and Meggitt are due a promotion into the index. They are likely to pass ITV and Weir Group, the Glasgow-headquartered global engineer, which are expected to drop back into the FTSE 250.

Nicholas Hyett, an equity analyst at Hargreaves Lansdown, noted: "Love Island may be back but broadcaster ITV looks likely to be dumped from the 100 after a short fling, despite the boost of Euros' ad spend.”

ITV was relegated from the top 100 in September last year, promoted again in June, and an 11 per cent drop in its share price will likely see it demoted back to the 250 in September.

Richard Hunter, head of markets at Interactive Investor, said: "Engineer Weir Group has also suffered a dip of 11 per cent over the last three months and relegation would also represent a short stay in the premier index, having been promoted in March.”

But unusually the normal relegation contenders will be joined by Just Eat Takeaway.com as the food delivery firm is still on the fence about where it wants to be based.

FTSE Russell said it will review Just Eat Takeaway.com's position.

When London-listed Just Eat merged with Amsterdam-listed Takeaway.com, the plan was to de-list from the Dutch exchange. However, in July the business said that it is still reviewing how it wants to be listed, and warned that it might be removed from consideration by FTSE Russell.

This will mean that Dechra Pharmaceuticals looks set to join the FTSE 100 instead, Hunter said.

Dechra might prove a longer-term resident of the top league than its two other promoted peers.

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