LONDON -- The FTSE 100
But while the FTSE might not be doing much, individual shares in the various indexes are heading up and down. Here are three that are falling today.
Hansard Global crashed by 8.5% today to 108 pence after the firm confessed what many had been fearing: Its forecast 12% dividend yield is not sustainable.
After revealing full-year profits that fell to 11.2 million pounds from 16.5 million pounds last year, the investment provider did go forward with a full-year dividend of 13.9 pence per share but pointed out that in the past two years it has paid out 16 million pounds more than it generated in cash -- and next year it intends to slash the dividend to 8 pence per share, which is still a hefty 7.4% yield on the current price.
Battery-powered-vehicle specialist Tanfield Group dropped 38.6% after it announced that a planned flotation by part-owned Smith Electric Vehicles Corp is off. After Smith failed to find enough interest to generate a sufficient investment, it has decided to seek private financing elsewhere.
Tanfield shares soared earlier this year and reached a peak in April before sliding back, but they had been recovering again of late -- until today's fall, which has put them 20% down on the past 12 months.
Globo reversed its recent trend by falling 6.6% today to 24.75 pence on the release of its first-half report. The mobile-technology specialist reported a 29% rise in revenue to 25.2 million euro, with pre-tax profit up 85% to 5.9 million euros and earnings per share up 56% to 1.4 eurocents.
Nonetheless, shares are down after gaining about 40% since May, and they're still down from their April peak. Current forecasts put the shares on a year-end price-to-earnings ratio of less than nine, and if 2013 profits prove accurate, that should drop to six.
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