FTSE 100 drops on sage group’s decline

London’s FTSE 100 experienced a decline on Thursday, driven by several companies, including oil giant BP, trading ex-dividends, while a forecast cut from Sage Group further weighed on the benchmark index.

The blue-chip FTSE 100 dropped by 0.4 per cent, marking its worst day in a month, while the mid-cap FTSE 250 inched 0.1 per cent higher, nearing the key 21,000 mark, as reported by Reuters.

Analysts attributed the market downturn to short-term profit-taking following record highs spurred by Wednesday’s soft US inflation report, which raised hopes for two rate cuts from the Federal Reserve this year.

Shares of BP fell by 1.9 per cent, GSK was down 1.0 per cent, Kingfisher slumped 3.7 per cent, and Tesco dropped 2.0 per cent as these companies traded without entitlement to their latest dividend payouts.

BT Group emerged as the top gainer on the benchmark index, surging by 10.3 per cent, after the broadband and mobile operator’s new CEO outlined plans for more than doubling free cash flow over the next five years.

The telecommunications sector also saw gains, buoyed by a 14.3 per cent jump in Helios Towers following its first-quarter results.

However, Sage Group faced significant losses, dropping by 11 per cent after lowering its annual revenue forecast.

EasyJet also reported a 5.8 per cent loss after announcing a first-half loss largely in line with company expectations ahead of the busy summer season.

On the mid-cap index, Watches of Switzerland led the gains with an 11.1 per cent jump after expressing cautious optimism about 2025.