14.05.202607:25:10UTC+00FTSE 100 Lags, Burberry Down Over 4%

The FTSE 100 traded largely flat on Thursday, underperforming other major European indices, as several heavyweight constituents went ex-dividend. HSBC Holdings, BP, GSK, Tesco and Coca-Cola HBC all traded without rights to upcoming dividend payouts, exerting downward pressure on the benchmark.

Burberry shares fell more than 4% despite quarterly sales beating forecasts, driven by robust demand in China and the Americas. The luxury retailer also announced the appointment of William Jackson as its new chair.

Shares in 3i dropped more than 17% after the company warned that the conflict in the Middle East would negatively affect its key investment, discount retailer Action.

National Grid gained over 1% after pledging to invest at least £70 billion over the next five years to upgrade and expand energy infrastructure in the UK and the US Northeast, even though its underlying operating profit came in below analysts’ expectations.

On the macroeconomic front, UK GDP grew 0.6% in the first quarter, beating forecasts. March data also surprised to the upside, with output rising 0.3% compared with expectations for a 0.1% decline.