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FTSE 100 dips as HSBC shares slide London share prices edged lower
(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. Share prices in London fell back slightly on Tuesday with the FTSE 100 index closing 25 points lower at 7,275.
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 biggest drop of the day was seen in the shares of the global bank HSBC, which ended 47p lower at 666p, a fall of nearly 7%.
The benchmark FTSE 100 index was down 5.09 points at 7,294.77. The bank reported a 62% drop in profits and a smaller-than-expected plan to buy back $1bn worth of its shares from investors.
Intercontinental Hotels Group (IHG) rose 0.3% after it announced plans to pay out $400m via a special dividend. Capita was the biggest riser of the day, up 4% at 534p.
News of the dividend came as IHG reported a 4% rise in annual operating profits to $707m. Shares in Rolls-Royce rose 3.5% to 733p, as investors continued to react to Goldman Sachs upgrading its rating on the shares to "buy".
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 ended the day barely changed against the US dollar at $1.247 but rose more than half of one percent against the euro to 1.182 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.