Ex-dividend stocks hold up FTSE 100, IHG shares up again

A strong session for European markets bypassed London today. with the FTSE 100 index up by just 3.41 points to 7590.71.

About 10% of the top flight went ex-dividend, leaving the likes of Rio Tinto, AstraZeneca, HSBC and NatWest on the fallers board as they no longer traded with the value of their forthcoming dividend awards.

Alongside the ex-dividend stocks, Spirax-Sarco Engineering slumped 7% after it warned that destocking by biopharma customers will continue into next year.

The weaker outlook for its Watson-Marlow unit offset another robust performance by the 130-year-old company, whose steam and thermal solutions help to heat hospitals, produce food on an industrial scale or sterilise pharmaceutical equipment.

Half-year revenues were 13% higher at £850.8 million although profits fell 18% to £114 million due to comparisons with previous Covid vaccines work by Watson-Marlow.

An 8% hike in dividend to 46p a share extended the Cheltenham-based company’s 55-year record of growth, but the stock still fell 775p to 10,060p.

On the risers board, the post-results flight towards InterContinental Hotels continued after a further gain of 140p left the Holiday Inn operator at a new record of 6074p.

Chile’s Antofagasta also lifted 20.5p to 1627.5p as the copper miner’s half-year profits rose 13% to $764.5 million (£693.7 million) on higher sales volumes.

The price of copper fell 3.4% but the company’s boss said longer-term fundamentals remain strong with the metal set to be an integral part of the energy transition.

The FTSE 250 index rose 0.5% or 90.97 points to 19,028.17, driven by property-focused stocks as British Land lifted 6.3p to 336.8p and Warehouse REIT by 2.6p to 89.7p.

Among the small caps, online white goods retailer Marks Electrical added 4.5p to 99p after revenues growth of 30.7% for the April to July period.

The company said televisions, washer dryers and cordless vacuum cleaners had sold well, with its share of the major domestic appliance market up to 3% from 2.4% the year before.