Summary
LEADING shares closed at their lowest level for three weeks yesterday, led down by bank giant HSBC, which slid 2.8 per cent, or 25p, to 868p as its annual results came in at the low end of expectations.
The world's second largest bank announced a 37 per cent jump in pre-tax profit for the year, but just met forecasts and failed to impress investors, who needed a greater incentive to chase the shares higher after a 4.5 per cent rise since mid-January. Craig Rippe, a fund manager at Canada Life, said: "The shares are down because HSBC are relatively expensive versus other UK banks."See the full content of this document
Extract
Uk Market Report:Hsbc Shares Slump Despite Profits Leap
Newsflow from the media sector also caused disappointment, with publisher Pearson falling or 14p to 638p after it announced a 6 per cent fall in profit, which it ...
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