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HSBC lower despite sharp rise in profits

HSBCAn uneventful session on the market left the index of top shares virtually unchanged. Among stocks reporting, HSBC slid after reporting adjusted third quarter pre-tax profit that missed analysts’ expectations.

Profit jumped by a third in the latest quarter and it said it had spent $2.2 billion on regulation and compliance in the first nine months of 2015, up 33 percent year on year to strengthen its corporate governance. Shares slipped 4p at 503.5p

Barclays, Royal Bank of Scotland and Lloyds Banking Group, rallied as sentiment in the sector was lifted after Commerzbank said it will pay a dividend for the first time since 2007. Germany’s positive reaction to Greek bank stress tests gave financial stocks a boost.

Ryanair, which earlier had backed Britain’s membership of the EU, was up after posting a 37% rise in first-half profit after tax. Full-year net profit will be towards the upper end of its guidance range and lifting its traffic target, it said.

The FTSE 100 closed up 1pt at 6,362.

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