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HSBC leads UK stock market higher | HSBC leads UK stock market higher |
(about 4 hours later) | |
HSBC helped to lift the UK stock market after the bank's shares were upgraded by analysts at Morgan Stanley. | |
HSBC shares climbed 4.7%, making it the biggest riser on the FTSE 100, after Morgan Stanley raised its rating on the bank to "overweight". | |
The FTSE 100 index was up 16.22 points, or 0.2%, at 7,404.02 by midday. | |
Mining companies also boosted the market, as shares in the sector were boosted by rising prices of metals. | Mining companies also boosted the market, as shares in the sector were boosted by rising prices of metals. |
Anglo American rose 3.9%, and Glencore and Rio Tinto were both up by more than 2%. | |
In the FTSE 250, shares in packaging firm DS Smith rose 4% after it said it had entered the US market by buying an 80% stake in US firm Interstate Resources for $920m (£709m). | |
However, shares in sportswear chain JD Sports fell 8% after if said it was facing pressure on profit margins and added that recent trading had been affected by the timing of the Islamic festival of Eid. | |
On the currency markets, the pound continued to strengthen. Against the dollar it was up 0.4% at $1.2978, while rose 0.2% against the euro to 1.1382 euros. | |
On Wednesday, the pound had jumped by nearly 1% after the governor of the Bank of England, Mark Carney, suggested that interest rates could rise if business investment grows. | On Wednesday, the pound had jumped by nearly 1% after the governor of the Bank of England, Mark Carney, suggested that interest rates could rise if business investment grows. |