Reuters: Hot Stocks: FTSE hit by firms trading ex-dividend, focus on UK jobs data

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FTSE hit by firms trading ex-dividend, focus on UK jobs data Aug 14th 2013, 08:13 Wed Aug 14, 2013 4:13am EDT * FTSE 100 down 0.2 percent * UK jobs data eyed, due at 0830 GMT * Ex-divs knock 20.4 points off index * IAG boosted by upbeat analyst comments By Tricia Wright LONDON, Aug 14 (Reuters) - Britain's top shares dipped on Wednesday, weighed down by a fall in the value of stocks trading without the attraction of their latest dividend, as investors awaited UK jobs figures. The FTSE 100 fell 11.11 points, or 0.2 percent, to 6,600.83 points by 0754 GMT, with a hefty 20.39 points taken off the index by stocks trading ex-dividend. UK monthly labour market data, set for release at 0830 GMT, will assume greater significance in light of the move by Mark Carney, governor of the Bank of England, to tie interest rate policy to the unemployment figures. The unemployment rate for June is set to remain unchanged at 7.8 percent, well above Carney's 7 percent target. "It certainly wasn't a figure that the market particularly focused on but that of course all changed last week," Henk Potts, market strategist at Barclays, said. "The market has been betting that it could fall a little bit quicker than (the Bank of England target) so increasingly this will become a number that will become very much a focus for the market but for today it's very much likely to remain steady at 7.8 percent." Minutes from the latest Monetary Policy Committee meeting, which could provide indications as to how much support Carney got for the move, will be released at the same time. Bolstering sentiment was news that the euro zone's two biggest economies, Germany and France, both grew more than forecast in the second quarter, reinforcing expectations that data later on Wednesday will show the currency bloc has moved out of recession. The long list of companies trading ex-dividend comprised Anglo American, AstraZeneca, Diageo, Fresnillo, GKN, Meggitt, Pearson , Royal Dutch Shell , Rexam, Rio Tinto, SABMiller, Schroders and Standard Chartered. Among brighter spots, IAG firmed 1.8 percent, taking heart from Deutsche Bank sticking to its "core 'buy'" view on the stock and from upbeat comments on it from two other banks. The FTSE 100 is stuck in the middle of its recent trading range, where support has been seen at about 6,500 and resistance, at around 6,680 - something which analysts reckon could play out for the rest of the month. The index has jumped some 10 percent from lows hit towards the end of June, leaving it around 12 percent higher in 2013. The index trades on a 12-month forward price/earnings ratio of 12 times, well above its five-year average of 10.4 times, according to Thomson Reuters Datastream. "It's not easy to see what's going to push the FTSE-100 out of its latest range... some upside looks possible in the near-term but it's not easy to make a case for buying it up here," Charles Stanley analyst Bill McNamara said. (Reporting by Tricia Wright, additional reporting by Toni Vorobyova; editing by Stephen Nisbet) Link this Share this Digg this Email Reprints

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