Always interesting to me to see the impact on an index of shares going ex-dividend and as per last time ( Wed 7 March FTSE100 dividend impact), Reuters appear to have done the grunt work with the following article:- Ex-divs to take 9.1 points off FTSE 100 on April 18.
LONDON April 16 (Reuters) - The following FTSE 100 companies will go
ex-dividend on Wednesday, after which investors will no
longer qualify for the latest dividend payout.
According to Reuters calculations at current market prices, the
effect of the resulting adjustment to prices by market-makers would
take 9.10 points off the index.
COMPANY (RIC) DIVIDEND INDEX IMPACT
(pence) (points)
Aggreko 13.59 0.14
BAE Systems 11.30 1.41
Capita 14.20 0.34
Kazakhmys 12.6768 0.10
Legal & General 4.74 1.07
Old Mutual 3.50 0.75
Old Mutual 18.00 3.84
special div.
Petrofac 37.20 cents 0.23
Resolution 13.42 0.71
Smith & Nephew 10.80 cents 0.23
Tullow Oil 8.00 0.28
So 3 life assurance companies: Old Mutual, Legal and General, and Resolution, account for 7.81 points and BAE accounts for a further 1.41 points as they all trade without the dividend entitlement.
The other interesting thing to note is the statement "resulting adjustment to prices by market makers", which is interesting given the assumption of electronic trading and the view that prices are just determined by buyers and sellers. Market makers have traditionally provided recognised points of contact to buy and sell particular shares in order to maintain liquidity but, I assume, they themselves are managing cash floats (to buy), working capital (shares), and margins of profit on their trading.
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