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London's FTSE 100 falls almost 1% London's FTSE 100 falls almost 1%
(about 1 hour later)
(Open): London's FTSE 100 opened lower after a number of leading companies' shares went ex-dividend.(Open): London's FTSE 100 opened lower after a number of leading companies' shares went ex-dividend.
Shares in companies that have just paid out their half yearly segment of profits to shareholders tend to fall immediately as they no longer carry the right to that. Shares in companies that have just paid out their half-yearly dividend to shareholders tend to fall immediately because new buyers will not receive that payment.
Sainsbury lead the losers, falling almost 4%, with Centrica and Admiral also down more than 3%.Sainsbury lead the losers, falling almost 4%, with Centrica and Admiral also down more than 3%.
The FTSE 100 lost 0.83% - a fall of 51.25 points - to gained 6,111.24. The FTSE 100 lost 0.83% - a fall of 51.25 points - to 6,111.24.
Mondi lead the risers, up 3%. Mining stocks started with small gains.Mondi lead the risers, up 3%. Mining stocks started with small gains.
On the currency markets, the pound was all but unchanged against the dollar at $1.4432 and was also unchanged against the euro at €1.2644.On the currency markets, the pound was all but unchanged against the dollar at $1.4432 and was also unchanged against the euro at €1.2644.