UPDATE 2-FTSE 100 ends flat as ex-dividend trades weigh; Dr. Martens slumps on margin warning

Reuters

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      Intertek gains on strong revenue growth
    

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      Dr. Martens tumbles on dour forecast
    

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      Vodafone, Imperial Brands slide on ex-dividend trade
    

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      FTSE 100 flat, FTSE 250 up 0.2%
    

  
 (Updates to market close)
    By Shashwat Chauhan and Shristi  Achar A
       Nov 24 (Reuters) - London's blue-chip FTSE 100 index was
subdued on Thursday as gains in miners were offset by losses in
shares trading ex-dividend, while bootmaker Dr. Martens tumbled
to the bottom of midcap index after warning of a sharp hit to
profit margins.
    The FTSE 100  .FTSE  ended flat, while the domestically
focused FTSE 250 midcaps  .FTMC  rose 0.2%.
    Intertek Group  ITRK.L  gained 4.6% to top the FTSE 100
index after the British inspection and product testing company
posted 9% revenue growth year-to-date.
    Overall trading was subdued as U.S. markets were shut for
the Thanksgiving holiday. 
    Investors appeared to take comfort from minutes of the
Federal Reserve's November meeting released on Wednesday that
showed policymakers agreed it would "likely soon be appropriate"
to slow the pace of interest rate hikes.
    "The takeaway is that we are possibly at the start of a more
dovish narrative from the Fed and that, going forward, there is
hope that dovish narrative will gain momentum," said Stuart
Cole, head macro economist at Equiti Capital.
    Bank of England Deputy Governor Dave Ramsden backed more
interest rate hikes on Thursday, but said he would consider
cutting rates if the economy and inflation pressures panned out
differently to his expectation.
    The FTSE 100 has rallied more than 11% since Oct. 13 when a
botched mini-budget roiled sentiment, with investors hoping that
measures by the new government will help instil confidence even
as Britain faces what is expected to be a lengthy recession.
    Among other stocks, Dr. Martens  DOCS.L  plunged 22.7% to
log its worst day on record after forecasting its annual core
profit margin would be lower than last year due to
weaker-than-expected demand ahead of the key Christmas season,
increased investments and the strong dollar.
    Shares of Vodafone  VOD.L , Imperial Brands  IMB.L  and
National Grid  NG.L  slid and were among the biggest decliners
on the FTSE 100 as they traded without entitlement for dividend
payout.
    Kingfisher  KGF.L  fell 1.6% after trimming its full-year
profit guidance.
 (Reporting by Shashwat Chauhan and Shristi Achar A in
Bengaluru; Editing by Maju Samuel, Anil D'Silva and Jonathan
Oatis)
 ((Shashwat.Chauhan@thomsonreuters.com;))
 
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