The FTSE 100 Index Opens 0.03% Higher

The FTSE 100 Index is gaining 3 points or 0.03 percent on Thursday. Leading the gains are Legal & General (4.47%), Barclays (2.57%) and National Grid (2.00%). Top losers are 3i (-19.87%), Burberry (-3.12%) and B&M European Value (-1.66%).

The FTSE 100 traded mostly flat on Thursday, lagging other European markets, as several heavyweight stocks went ex-dividend. HSBC Holdings, BP, GSK, Tesco and Coca Cola HBC were all trading without entitlement to upcoming payouts, pressuring the benchmark. Also, Burberry shares fell more than 4% despite reporting quarterly sales that beat estimates, supported by strong demand in China and the Americas, while the company also announced William Jackson as its new chair. 3i shares fell more than 17% after the company said the Middle East conflict would hurt its main investment, Action. National Grid rose more than 1% after committing at least £70 billion over the next five years to upgrade and expand energy networks across the UK and the US Northeast, despite underlying operating profit missing estimates. On the economic front, UK GDP grew 0.6% in Q1, beating expectations. March data also surprised to the upside with growth of 0.3% versus forecasts for a 0.1% contraction.

The FTSE 100 climbed 0.6% on Wednesday, led by banks and mining stocks. Financial shares rebounded after recent pressure linked to speculation over possible tax changes under a potential left-leaning political shift in the UK. HSBC rose more than 1%, while Lloyds, Barclays, NatWest and Standard Chartered gained between 0.8% and 2.3%. Miners also posted strong gains as copper extended its rally to an eighth straight session, with aluminium, nickel and iron ore prices also moving higher. Rio Tinto advanced 4.2%, Anglo American gained 4.6%, Glencore rose 3.3% and Antofagasta surged more than 8%. Babcock International added over 0.5% after announcing a £200 million share buyback alongside stronger annual revenue driven by its nuclear and aviation divisions. On the downside, Vistry Group fell around 9% after warning that profits would be significantly lower due to increased housing discounts and weaker activity in its partnerships business.