| 19 June 2024, Wednesday |

London stocks lag broader Europe rally as ex-dividend shares weigh

UK stocks inched higher at the opening bell on Thursday, ahead of key U.S. inflation data, but lagged a broader rally in Europe after heavyweights including HSBC and Rio Tinto weighed as their shares traded without the entitlement of dividends.

The FTSE 100 index (.FTSE) gained 0.1% by 7:14 GMT, while the broader European STOXX 600 index (.STOXX) rose 0.6%.

The blue-chip British stocks gauge was still on track to extend gains after its biggest daily gain in three weeks on Wednesday.

Banks stocks — Barclays (BARC.L), Natwest Group (NWG.L), HSBC Holdings (HSBA.L) and Standard Chartered (STAN.L) — were down between 0.5% and 1% as they traded ex-dividend.

Miner stocks (.FTNMX551020) fell 0.4%, with Rio Tinto’s (RIO.L) 2.5% fall weighing.

Spirax-Sarco (SPX.L) shares fell 5% after the firm reported first-half profit and revenue below expectations.

A much-awaited U.S. inflation report due later in the day will help investors gauge the trajectory of the Federal Reserve’s policy path.

FTSE 250 stocks (.FTMC) edged higher by 0.2%.

  • Reuters