FTSE 100 latest: ITV and Weir face relegation in next reshuffle of top tier

Winning a place in the FTSE 100 index is one thing, but staying there is a whole different matter after ITV and engineer Weir were revealed to be on the brink of an early top flight exit.

Despite the return of Love Island and a bumper summer of Euros football, ITV shares are set to make the swiftest possible return to the FTSE 250 index when the latest quarterly reshuffle is confirmed next month.

Weir has lasted only three months longer than ITV as the ups and downs in the FTSE 100 begin to resemble the yo-yoing of the usual suspects in football’s Premier League.

Aerospace supplier Meggitt and supermarket Morrisons, which has top flight form, are in the frame for promotion but their stays will be brief if their respective takeovers get approval.

Just Eat Takeaway is also on the way out due to nationality rules, with its incorporation in the Netherlands meaning the delivery firm is no longer eligible after a review last month by FTSE Russell.

Vets business Dechra Pharmaceuticals is next in line for promotion, depending on its performance over the next week.

The FTSE 250 index, meanwhile, continues to flourish in contrast with the more lacklustre performance of the top flight.

The second tier benchmark surged another 120.41 points to a fresh record of 24,006.48, led by a resurgent Marks & Spencer and a new high for Grafton shares as the building supplies specialist revealed bumper half-year profits to help shares up another 44p to 1,353p.

There was also a 4% jump for bingo halls business Rank after confirming a potential £80 million boost from HMRC not challenging a VAT ruling.

The winning streak for gambling stocks extended to the FTSE 100 index, which rose 8.64 points at 7,134.42 after gains of more than 2% for Ladbrokes owner Entain and Paddy Power business Flutter Entertainment