The worst performer on the S&P/ASX 200 index on Monday has been the Sydney Airport Holdings Pty Ltd (ASX: SYD) share price.
At the time of writing the airport operator's shares are down a sizeable 4% to $8.81.
Why is the Sydney Airport share price tumbling lower?
The majority of today's decline can be attributed to Sydney Airport's shares trading ex-dividend this morning.
Earlier this month the company declared a final unfranked dividend of 19.5 cents per share.
This morning its shares traded without the rights to this dividend. This means new buyers of Sydney Airport's shares are no longer entitled to receive it. When this happens, a company's share price will normally drop lower to reflect this fact.
The good news for those that are entitled to this dividend, is that it won't be too long until it is paid to them. Sydney Airport is due to pay this dividend to eligible shareholders in around six weeks on February 14.
Other shares trading ex-dividend.
Sydney Airport isn't the only share that is trading ex-dividend on Monday.
In fact, no fewer than 50 ASX shares are trading without the rights to their dividends today.
This includes dividend favourites such as Bunnings landlord BWP Trust (ASX: BWP), property company DEXUS Property Group (ASX: DXS), self-storage operator National Storage REIT (ASX: NSR), toll road giant Transurban Group (ASX: TCL), and shopping centre operator Vicinity Centres (ASX: VCX).
BWP Trust is paying a 9 cents per share distribution on February 22. Whereas on February 28 DEXUS is paying out 28 cents per share and National Storage is paying 4.7 cents per share.
Transurban will be paying its shareholders a 31 cents per share distribution on February 14. And finally, Vicinity Centres is paying its 7.7 cents per share distribution on March 2.
