Weir set to join top flight in Footsie reshuffle

WEIR Group, the Glasgow-based engineering firm, is today expected to be confirmed as one of the latest entrants to the FTSE 100 in this quarter's reshuffle.

The FTSE Group confirmed last night that Home Retail Group - which owns Argos and Homebase - was among those heading for the exit after shares in the retailer plunged by more than 25 per cent since the beginning of May.

Other stocks likely to fall into the FTSE 250 are telecoms firm Cable & Wireless Worldwide - which was the subject of takeover gossip earlier this week - and property group Segro.

The quarterly review is based on last night's closing prices and will be confirmed today after scrutiny by the FTSE committee, to take effect after the market close on 17 September.

Those blue chip stocks that have fallen to below 111th place in the top tier are at risk of being kicked out each quarter.

Other stocks likely to join the FTSE 100 include Resolution, the investment vehicle founded by insurance guru Clive Cowdery, which owns Friends Provident.