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HSBC ends up but FTSE ends lower | |
(about 4 hours later) | |
HSBC helped to lift the UK stock market for most of the day after the bank's shares were upgraded by analysts at Morgan Stanley. | |
HSBC shares climbed 4.2%, making it the biggest riser on the FTSE 100, after Morgan Stanley raised its rating on the bank to "overweight". | |
The FTSE 100 index though shed its earlier gains to end down 37.48 at 7,350.32 points. | |
Mining companies were higher with shares boosted by rising metals prices. | |
Glencore and Rio Tinto and Antofagasta were both up by more than 2%. | |
Shares in Sky also performed well despite a probable referral to competition authorities of Murdoch giant Fox's plan to take it over fully. | |
It closed up more than 3%. | |
In the FTSE 250, shares in packaging firm DS Smith rose 8% 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. | 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 $1.2984, although it was flat against the euro at 1.1365 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. |