HSBC, BP and GSK combine in dividend-driven knock to Footsie

A cluster of large companies trading ex-dividend knocked almost 20 points off the FTSE 100 at the open as dividend entitlements were stripped from stock prices. HSBC had the biggest single impact (-5.36 points) after its 10-cent payout, with BP (-4.06 points from an 8.32-cent dividend), Unilever (-3.66 points from a 40.46p payment) and GSK (-2.89 points from a 17p distribution) also notable contributors. In total seven stocks went ex-dividend, calculated to reduce the index by about 19.7 points irrespective of other market moves; the effect is magnified because several large-cap constituents were among the payers. The piece is descriptive market commentary explaining a mechanical downward adjustment to the UK 100 rather than an underlying sell-off driven by fundamentals.