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FTSE 100 falls despite boost from IHG hotels group FTSE 100 dips as HSBC shares slide
(about 4 hours later)
The UK's main share index fell in early trade as disappointing news from HSBC outweighed news of a special dividend from Intercontinental Hotels Group. HSBC shares led the market lower as the bank reported a big fall in profits and a smaller-than-expected share buyback.
The benchmark FTSE 100 index dropped 17.25 points to 7,282.61, with HSBC shares down 5.3% after the bank's annual profits more than halved. Shares in HSBC were down 6.6% shortly after midday. Profits fell 62% to $7.1bn (£5.7bn) and its planned share buyback of $1bn fell well short of hopes of $2.5bn-$3bn.
Profits fell 62% to $7.1bn (£5.7bn), mainly due to a number of one-off charges. The benchmark FTSE 100 index was down 5.09 points at 7,294.77.
Shares in rival bank Standard Chartered were down 2%. Intercontinental Hotels Group (IHG) rose 0.3% after it announced plans to pay out $400m via a special dividend.
But Intercontinental Hotels Group (IHG) rose nearly 3% after it announced plans to pay out $400m via a special dividend.
News of the dividend came as IHG reported a 4% rise in annual operating profits to $707m.News of the dividend came as IHG reported a 4% rise in annual operating profits to $707m.
Mining shares were higher as the recovery in commodity prices helped to improve results at BHP Billiton and Anglo American. Shares in Anglo rose 2.1% while BHP was 1.5% higher. The top riser on the FTSE 100 was Rolls-Royce, as investors continued to react to Goldman Sachs upgrading its rating on the shares to "buy".
On the currency markets, the pound fell 0.3% against the US dollar to $1.2425 but edged up 0.1% against the euro to 1.1754 euros. On the currency markets, the pound fell 0.5% against the US dollar to $1.2404 but rose 0.3% against the euro to 1.1777 euros.