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HSBC leads UK stock market higher

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.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.
Source: BBC News

About Business Ideas UK

My name is Joel Bissitt. I have been an entrepreneur for 24 years and have run many small businesses across various sectors. For the last 10 years I have worked mainly within online media, franchising and small business start-ups.

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