The FTSE 100 was almost dead flat at the time of writing on Thursday as the impact of stocks trading ex-dividend offset minor gains elsewhere.
Trade was thin with US markets closed for the Thanks Giving Holiday, and there was little for investors to get excited about in terms of corporate updates from FTSE 100 companies.
London’s leading index was weighed down by several high-yielding stocks trading ex-dividend. Companies trading without the right to their next dividend included Vodafone, National Grid and Land Securities.
A stronger pound also capped FTSE 100 gains after Flash UK PMI painted a better-than-expected picture for UK businesses.
“The UK economy found its feet again in November as the service sector arrested a three-month sequence of decline and manufacturers began to report less severe cutbacks to production schedules,” said Tim Moore, Economics Director at S&P Global Market Intelligence.
“Relief at the pause in interest rate hikes and a clear slowdown in headline measures of inflation are helping to support business activity, although the latest survey data merely suggests broadly flat UK GDP in the final quarter of 2023.”
GBP/USD rose to 1.2540 against the dollar, and the inverse relationship between the FTSE 100 and sterling meant the index underperformed Europe.
Intertek
Intertek was the FTSE 100’s top gainers after announcing a 7% increase in revenue year-to-date and confirmed mid-digit revenue growth guidance for the full year.
Intertek shares were 3.3% higher at the time fo writing.
IAG was among the fallers as the airline fell in sympathy with Jet2 after the peer released a mixed update saying bookings had slowed in recent weeks.