UPDATE 2-Ex-dividend trading trips FTSE 100; National Express tumbles

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* AstraZeneca, BP, Shell trade ex-dividend

* Both benchmark indexes snap four-day gaining streak

* National Express slides on first-half pre-tax loss

* Just Group, Watches of Switzerland jump on upbeat
forecasts

* FTSE 100 down 1.5%, FTSE 250 off 0.9%
(Updates to close)

By Sagarika Jaisinghani and Susan Mathew

Aug 13 (Reuters) - The FTSE 100 fell for the first time in
five sessions on Thursday as a clutch of blue-chip firms traded
ex-dividend, while National Express Group slumped after
reporting a pre-tax loss for the first half of the year.

A 1.5% decline for the blue-chip index saw it lead
losses among European peers and pull back from three-week highs
as firms including AstraZeneca, BP, Royal Dutch
Shell and Legal & General Group traded without
entitlement to a dividend payout.

"A combination of some big stocks trading without the rights
to their dividend and a bit of profit taking after a strong run
for equities so far in August saw the FTSE 100 on the back
foot," said AJ Bell investment director Russ Mould.

The FTSE 100 is up about 5% so far this month, which if
gains hold, will be its best month since April. But the index
lags its U.S. and European peers as data points to a much bigger
hit to the UK economy from the health crisis.

Although key sectors such as housing have begun to show
signs of a rebound, analysts have warned that the mini-boom
could go bust once the government's jobs subsidy programme
closes in less than three months' time and a tax cut expires at
the end of March.

Global sentiment also remained unexciting as a deadlock over
a U.S. stimulus weighed.

In earnings, bus company National Express tumbled
16.2% and posted its worst day since March as it warned of more
pressure on its finances over the next year.

London's mid-cap FTSE 250 was off 0.9%, retreating
from a two-month high.

Tourism company TUI fell after it said
it was considering divestments or raising new equity to reduce
debt taken on to survive the coronavirus pandemic.

Insurer Just Group and Watches of Switzerland
both jumped on upbeat forecasts, while engineering
company Renishaw slid on scrapping its dividend.
(Reporting by Sagarika Jaisinghani in Bengaluru; Editing by
Subhranshu Sahu and Elaine Hardcastle)