FTSE 100 movers: ITV slumps as it goes ex-div; Anglo jumps on sale

London’s FTSE 100 was down 0.9% to 6,260.79 in afternoon trading as investors were left disappointed with the Bank of Japan’s decision not to implement any further stimulus measures.

ITV, Legal & General, Informa and Relx were all firmly in the red as the stock went ex-dividend.

Lloyds Banking Group was under pressure after reporting a 6% drop in first-quarter underlying profit, although this was better than forecast as a reduction in impairment charges, PPI provisions and lower costs counterbalanced a small decline in income.

A statutory profit before tax of £0.65bn for the three months to 31 March, down 46% on the same period last year, reflected the expected £0.79bn charge relating to the redemption of enhanced capital notes (ECNs).

Royal Bank of Scotland was also on the back foot after saying it was likely to miss the 2017 deadline to spin off its Williams & Glyn subsidiary, laying the bank open to a “significantly greater” financial impact than hoped.

Anglo American bucked the trend, boosted by an agreement to sell its niobium and phosphates businesses in Brazil to China Molybdenum for a cash consideration of $1.5bn.

Mike van Dulken, head of research at Accendo Markets, said investors are clearly subscribing to the view that smaller and less diversified is now better in this new world of lower commodity prices.

“The disposal will serve to cut debt and bolster the embattled miner’s balance sheet, much to investor glee, leaving it in a much stronger and leaner position both operationally and financially.”

Risers

Anglo American (AAL) 723.30p 3.79%
Rio Tinto (RIO) 2,273.50p 1.77%
BHP Billiton (BLT) 940.30p 1.52%
Intu Properties (INTU) 309.80p 1.24%
Smith & Nephew (SN.) 1,162.00p 1.13%
Fresnillo (FRES) 1,083.00p 0.93%
Rolls-Royce Holdings (RR.) 677.50p 0.67%
ARM Holdings (ARM) 953.00p 0.63%
Randgold Resources Ltd. (RRS) 6,405.00p 0.39%
Hargreaves Lansdown (HL.) 1,291.00p 0.39%

Fallers

ITV (ITV) 220.10p -5.86%
Legal & General Group (LGEN) 224.70p -5.47%
Informa (INF) 643.00p -3.45%
Merlin Entertainments (MERL) 431.50p -3.25%
Associated British Foods (ABF) 3,068.00p -2.88%
Lloyds Banking Group (LLOY) 67.34p -2.76%
Provident Financial (PFG) 2,890.00p -2.53%
Royal Bank of Scotland Group (RBS) 246.00p -2.42%
Relx plc (REL) 1,193.00p -2.37%
Compass Group (CPG) 1,214.00p -2.33%