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Dividends weigh on FTSE after late start

Dividends weigh on FTSE after late start

The FTSE 100 has fallen into the red after a late start to trading due to technical issues.

With trading kicking off an hour later than the normal 8am start, the UK blue-chip index edged six points lower to 7,706 points, as shares trading without entitlement to their next dividend weighed on the index.

Vodafone (VOD) fell 3.7% to 189.4p and Sainsbury's (SBRY) were down 3.7% at 189.4p and 2.9% lower at 303.9p respectively as both stocks went 'ex-dividend'.

But the big movers were to be found outside the FTSE 100. Among 'mid-cap' stocks, Auto Trader (AUOTA) jumped 8.3% to 383.7p after a strong earnings update.

Capita (CPI) was close behind, rising 6% to 148p after an upgrade from analysts at Citigroup.

Kier (KIE) fell to the bottom of the index, down 6.4% at £10.12 as analysts at Barclays slapped an 'underweight' rating on the shares.

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