FTSE 100 falls short of record close as HSBC disappoints


(MENAFN- ProactiveInvestors) London’s top share index can't quite break its record close.

Despite opening higher the FTSE 100 was the only major European bourse to finish in negative territory down 3 points at 6912.

It sits just 28 points away from its all-time best of 6930 a level which had been passed during the morning session.

News of a Greek debt deal on Friday meant European indices were on the rise but in the end UK shares failed to join in with the rally.

HSBC (LON:HSBA) disappointed with results and commodity stocks weakened as gold and oil fell.

Standard Chartered (LON:STAN) was the heaviest faller on the benchmark equity gauge down 4.6%. 

The lender sends out its results later this week but HSBC was largely to blame for the share price decline. 

The lender missed forecasts and reported a 17% drop in profits and said 2014 was a "challenging year”. 

It also apologised for its Swiss tax dodging scandal an issue chancellor George Osborne and his Labour shadow Ed Balls were sparring over in the House of Commons as markets closed. 

Gold dipped and most miners ended the day at the bottom of the FTSE 100. Randgold Resources (LON:RRS) shares lost 94p to 4921p. 

Fresnillo (LON:FRES) Anglo American (LON:AAL) and Rio Tinto (LON:RIO) were also down.

On the plus side shares in Lloyds Banking Group (LON:LLOYD) rose 1% to 79p after the government sold a 1% stake in the bank reducing its holding to 23.9% from 24.9%.

Airlines headed higher with BA owner IAG (LON;IAG) and EasyJet (LON:EZY) making gains.

Insurance claims processor Quindell (LON:QPP) said discussion about the disposal of its professional services division continue with Aussie firm Slater & Gordon.

The sort of numbers being talked about imply a significant premium to the company’s market value as at Friday’s close. Shares in the first climbed 26% today.

Investors cashed out of Ladbrokes (LON:LAD) with shares down 6.3% to 114p on reports that it will close around 50 betting shops due to tax rises and regulation.

In the AIM world Mart Resources (TSE:MMT) said it has launched a review of its strategic options which may include the sale of the company or a merger.

Alexander Mining (LON:AXM) shares were up 22% after it told investors it had licenced its proprietary AmmLeach technology to an Australian miner.

On site operations ahead of the start of mining at EMED's (LON:EMED) Rio Tinto's mine are progressing and at lower costs than had been estimated.

Oracle Coalfields (LON:ORCP) has hailed written confirmation that its mining lease over the Block VI of the Thar Coalfield in Pakistan has been restored. Shares are 18% higher.

Gulfsands Petroleum (LON:GPX) advanced 5% as it  confirmed the Douar Ouled Balkhair 1 (DOB-1) exploration well will be a future producer as it flowed gas in testing.

Europa Oil & Gas (LON:EOG) told investors that drilling has now begun for the Kiln Lane exploration well in northeast Lincolnshire. Shares climbed 9%.


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