Shares which are now trading ex-dividend suffered badly this morning, with many falling more than five per cent in early trading.
FTSE 100 shares trading ex-dividend – which refers to the point when the dividend payout belongs to the shares seller rather than the buyer – in ITV were trading down 5.9 per cent at 219.9p shortly after 10am London time, while shares in L&G were also down 5.9 per cent at 223.7p.
Travis Perkins was also trading down, albeit at a much less dramatic 1.8 per cent at 1,856p.
They dragged the blue chip index down more than one per cent to 6254.7 points.
Players in the FTSE 250 also did not get off lightly, with shares in Cobham down 6.8 per cent at 164.3p, while Tullett Prebon down 4.3 per cent at 345p.
However, Weir Group, which also has its ex-dividend date today, was trading up 6.6 per cent at 1,200p around 11am, in part thanks to quarter one results which were slightly ahead of expectations.