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FTSE 100 rises as Next reports higher sales FTSE 100 lower despite bank rally sparked by HSBC shares buyback
(about 4 hours later)
(Open): Retailer Next has led shares higher on the FTSE 100 index after reporting a rise in overall sales in the three months to the end of July. (Noon): Weaker commodities and property shares have dragged the FTSE lower, offsetting a rally in banking stocks led by HSBC.
Next said sales were 0.3% higher compared with a year earlier, although store sales were down 3.3%. The FTSE 100 index is 0.2% lower at 6,630.38 after hitting its lowest since mid-July on Tuesday.
The FTSE 100 index is up 0.36% at 6,669.63, with Next shares up 3.9% to 5,330.60p. HSBC shares are 3.7% higher at 500.80p after the bank surprised investors with a $2.5bn share buyback announcement.
Elsewhere, shares in HSBC are 3.69% at 500.60p after the bank announced a $2.5bn (£1.88bn) share buyback. That was despite its reporting a 29% fall in pre-tax profits for the six months to the end of June, to $9.7bn.
The announcement follows the sale of its Brazilian division last year and came as a surprise to investors according to analysts.
HSBC reported a 29% fall in pre-tax profits for the six months to the end of June to $9.7bn down by $3.9bn compared with a year earlier.
The bank described the weak numbers as a "reasonable performance in the face of considerable uncertainty".The bank described the weak numbers as a "reasonable performance in the face of considerable uncertainty".
Energy firms SSE and Centrica are higher after Ofgem said it would introduce a price cap for energy customers that use pre-pay meters, but stopped short of introducing caps on standard variable energy tariffs. The announcement follows the sale of its Brazilian division last year.
Centrica is 0.3% higher at 234.20p, while SSE is 1.2% higher at 1,521.00p Standard Chartered Bank saw its share price rise 9.38% to 644.90p, despite reporting a 46% fall in pre-tax profits to $1bn (£749m), which it largely attributed to cost-cutting measures amid growing economic uncertainty.
On the currency markets, the pound was 0.43% lower against the dollar at $1.32990 and 0.29% lower against the euro at €1.18660. Shares in Rio Tinto were down around 1%, also after the global miner reported a 47% slump in first-half profit to its weakest in 12 years.
However, losses were limited, as it surprised the market with a higher-than-expected dividend.
Property-related stocks also fell on lingering concerns about the pace of economic growth in the UK after the country voted in late June to leave the European Union.
Elsewhere, retailer Next reported a rise in overall sales in the three months to the end of July. That led its shares higher by 3.61% to 5,315p
Next said sales were 0.3% higher compared with a year earlier, although store sales were down 3.3%.
Energy shares were mixed after Ofgem said it would introduce a price cap for energy customers that use pre-pay meters, but stopped short of introducing caps on standard variable energy tariffs.
Centrica is 0.73% lower at 232.20p, but SSE is 0.53% higher at 1,511.00p
On the currency markets, the pound was 0.02% lower against the dollar at $1.33550 and 0.18% higher against the euro at €1.19230.