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UPDATE 2-Miners pull FTSE 100 lower, stocks trading ex-dividend tumble

Published 04/07/2019, 16:57
© Reuters.  UPDATE 2-Miners pull FTSE 100 lower, stocks trading ex-dividend tumble
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* FTSE 100 down 0.1%, FTSE 250 up 0.1%
* Trading muted as U.S. markets shut on Independence Day
* IAG, Coca Cola HBC tumble on main index
* Energean surges after deal for unit of Italy's Edison

(Adds news items, updates to closing prices)
By Shashwat Awasthi
July 4 (Reuters) - Britain's mining stocks tugged the main
index lower on Thursday, while shares of IAG and Coca Cola HBC
slid as they traded ex-dividend, though several investors stayed
on the sidelines during the U.S. market holiday.
The FTSE 100 .FTSE inched 0.1% lower but still hovered
around a 10-month high and the FTSE 250 .FTMC was roughly
flat.
"It is perhaps a sign of how much trading has been driven by
the U.S. in the last couple of months that the absence of the
American markets due to Independence Day left their European
counterparts in neutral," Spreadex analyst Connor Campbell said.
British Airways owner International Consolidated Airlines
Group ICAG.L skidded 5.9% on its worst day since October 2017.
Coca-Cola's KO.N leading bottler Coca Cola HBC CCH.L slipped
6.7%.
The slide in stocks trading without a dividend entitlement
kept the main index from rising for a fifth straight session
even though a softer-than-expected U.S. jobs report overnight
spurred hopes of interest rate cuts by the Federal Reserve.
Companies in the United States added more jobs in June, but
fewer than analysts had forecast. UK markets have been sensitive to dovish signals this week
as expectations of near-term rate cuts by the Bank of England
were raised by weak economic data and remarks by Governor Mark
Carney. In June, the FTSE 100 had enjoyed its best month since
January amid rising hopes that central banks around the world
would loosen policy to counter slowing growth.
An index of miners .FTNMX8350 fell 1.4% as copper prices
slipped on a jump in London Metal Exchange inventories.
Israel-focused gas driller Energean ENOG.L surged 13.7% to
an all-time high after saying it would buy the oil and natural
gas unit of Italy's Edison SpA EDNn.MI . Persimmon PSN.L , Britain's second-largest homebuilder,
shed 1.2% after it posted lower first-half revenue as increased
focus on quality and improving customer service slowed order
intake. "The pressures of the step up in customer service continue
to weigh on revenues... the question remains of how long until
customer service initiatives impact profitability," Jefferies
analysts said.
Shares of blue-chip rivals Taylor Wimpey TW.L and Berkeley
BKGH.L gave up 1% each.

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