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FTSE 100 dips as HSBC shares slide | |
(about 4 hours later) | |
HSBC shares led the market lower as the bank reported a big fall in profits and a smaller-than-expected share buyback. | |
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. | |
The benchmark FTSE 100 index was down 5.09 points at 7,294.77. | |
Intercontinental Hotels Group (IHG) rose 0.3% 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. |
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 0.5% against the US dollar to $1.2404 but rose 0.3% against the euro to 1.1777 euros. |