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FTSE 100 lower as Centrica shares fall FTSE dragged down by ex-dividend firms
(about 5 hours later)
The UK market was lower shortly before midday, with Centrica among the biggest fallers following its latest results. (Close): The London market ended the day in the red, with Centrica among the biggest fallers following its latest results.
Centrica's shares were down 3.2%. The group reported a 4% rise in annual profits, but its British Gas domestic business saw profits fall 11%. The British Gas owner closed 3.7% lower after Centrica reported a 4% rise in annual profits.
The FTSE 100 index was down 8.15 points at 7,294.10, with a number of firms falling after going ex-dividend. However, profits at its British Gas domestic business fell 11%.
Easyjet, Rio Tinto and HSBC were all down after trading began without the right to their latest dividend. The FTSE 100 index closed down 31 points, or 0.4%, at 7,271.3, with a number of firms falling after going ex-dividend.
RSA Insurance was one of the biggest risers on the FTSE, up 5.8% after its full-year results beat forecasts. Easyjet, Rio Tinto and HSBC were the biggest fallers after their shares no longer carried the right to their latest dividend.
The insurer reported operating profits of £655m, up 25% from the year before. Easyjet fell 6%, Rio Tinto shed 5.3% and HSBC ended 4% lower.
The recent rebound in commodity prices has helped to lift profits at Glencore. The commodities miner and trader said underlying earnings rose 18% last year to $10.3bn, and added that its net debt had fallen by 40% to $15.5bn by the end of 2016. The biggest gainer on the FTSE was UK shopping centre landlord Intu Properties, which soared 6.7% after increaseing its dividend payout for the first time in five years.
Shares in Barclays rose 1.5% after the bank reported a near trebling of full-year profits to £3.2bn. Intu owns properties including Manchester's Trafford Centre.
BAE Systems rose 1.5% after the company reported annual operating profits of £1.74bn for 2016, up from £1.5bn. RSA Insurance was also among the biggest risers on the FTSE, up 4.8% after its full-year results beat forecasts.
The insurer reported operating profits of £655m, 25% higher than the previous year.
Shares in Barclays, which had risen strongly in early trading after the bank reported a near trebling of full-year profits to £3.2bn ended the day 2.6% lower.
Shareholders baulked at warnings from chairman John McFarlane that "significant challenges remain" as the bank fights US authorities over allegations surrounding its part in a mortgage bond mis-selling scandal.
BAE Systems finished 0.66% higher after annual operating profits of £1.74bn for 2016, up from £1.5bn.
"With an improved outlook for defence budgets in a number of our markets, we are well placed to continue to generate attractive returns for shareholders," said chief executive Ian King."With an improved outlook for defence budgets in a number of our markets, we are well placed to continue to generate attractive returns for shareholders," said chief executive Ian King.
On the currency markets, the pound rose 0.3% against the US dollar to $1.2487 and climbed 0.25% against the euro to 1.1824 euros. On the currency markets, the pound rose 0.85% against the US dollar to $1.2556 and climbed 0.54% against the euro to 1.1858 euros.