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London's FTSE 100 ends lower as top companies trade ex-dividend



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FTSE 100, FTSE 250 down 0.3%

Heavyweights trade without dividend entitlement

Beazley upgrades 2024 combined ratio forecast, shares surge

Updated at 1425 GMT

By Purvi Agarwal and Shubham Batra

Aug 8 (Reuters) -London's FTSE 100 slipped on Thursday, tracking global market sentiment, while investors assessed corporate updates and top players traded without entitlement to their dividend payouts.

The blue-chip FTSE 100 index .FTSE and the mid-cap FTSE 250 index .FTMC ended the day with a 0.3% loss.

The benchmark index logged its best day in more than four months on Wednesday, extending a broad recovery to a second session after a heavy sell-off rattled stock markets on Monday.

Retailers .FTNMX404010 led losses on the index with a 1.1% decline, while the real estate .FTUB3510 mostly pulled down the benchmark index.

Many top players like AstraZeneca AZN.L, BP BP.L Natwest NWG.L and Standard Chartered STAN.L also traded ex-dividend, pushing the heavyweights lower between 0.5% and 1.8%.

However, non-life insurers .FTNMX551030 gained 1.6%. They were pulled up by a 10% gain in Beazley BEZG.L, which upgraded its combined ratio forecast for 2024 after first-half pre-tax profit nearly doubled to $728.9 million. The stock topped the FTSE 100 index.

Automobile and auto parts sector .FTNMX401010 led the sectoral gains, rising 3.6%, as TFI Fluid Systems TIFS.L gained 11% after its half-yearly results.

Meanwhile, a survey showed that Britain's jobs market showed further signs of cooling in July and employers increased pay more slowly. The data will form part of the Bank of England's discussions about when to cut interest rates again.

Among other stocks, British gambling group Entain ENT.L climbed 5.1% on raising its annual net gaming revenue and earnings forecast after a better-than-expected second-quarter performance.

Hikma Pharmaceuticals HIK.L gained 8.3% after the company raised its annual group forecast.



Reporting by Purvi Agarwal in Bengaluru; Editing by Janane Venkatraman and Jonathan Oatis

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