Weak earnings, ex-dividend trading drag FTSE 100 lower

  • Reuters
  • Stock Market News
Weak earnings, ex-dividend trading drag FTSE 100 lower
Credit: © Reuters.

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* FTSE 100 down 0.5 pct

* FTSE 250 down 0.7 pct

* Various blue-chips down on ex-dividend trading

* Slew of downbeat earnings also weigh

* Melrose , Informa outperform main index

March 7 (Reuters) - Britain's FTSE 100 was lower on Thursday as several blue-chip stocks traded ex-dividend, while NMC Health plus insurers Aviva and Admiral slipped after earnings reports, but Melrose gained after its adjusted profit nearly tripled.

The FTSE 100 .FTSE was down 0.5 percent and the FTSE 250 .FTMC was down 0.7 percent by 0838 GMT.

Miners Rio Rinto RIO.L , BHP BHPB.L and Evraz EVRE.L plus housebuilder Persimmon PSN.L all traded ex-dividend and were among the top drags on the main bourse.

United Arab Emirates' healthcare provider NMC Healthcare NMC.L slipped 6.3 percent on course for its worst day since July 2016 after posting annual results.

Jefferies analysts said NMC's adjusted earnings per share were lower than their consensus as financial charges were much higher than expected.

Insurer Admiral Group ADML.L shed 3.6 percent. Though the company reported better-than-expected 2018 earnings, a trader said that was largely on benefits related to Ogden rates.

Fellow insurer Aviva AV.L and asset manager Schroders SDR.L also fell 2.8 percent and 3.6 percent respectively after their annual earnings reports.

But turnaround specialist Melrose Industries MRON.L jumped 5.5 percent to its highest level since October after its full-year adjusted pretax profit nearly tripled, boosted by last year's hostile takeover of British engineer GKN (LON: GKN ). outperforming was event manager and publisher Informa INF.L which rose 2.2 pct as its organic revenue topped market view.

"With some big names ... going ex-dividend, and the general mood dour, the FTSE didn't stand a chance," said Spreadex analyst Connor Campbell.

Vietnam Enterprise Investments VEILV.L slumped 5.8 percent to the bottom of the mid-cap index after APG Funds dissolved their stake in the company. Oil PMO.L gained 4.6 percent after it swung to a net profit in 2018 from a net loss in the previous year. real estate agent Countrywide CWD.L tumbled 7.6 percent as it forecast flat full-year earnings, citing more market weakness surrounding Britain's exit from the European Union.

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