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FTSE 100 lower despite bank rally sparked by HSBC shares buyback FTSE 100 ends Wednesday lower despite bank rally
(about 4 hours later)
(Noon): Weaker commodities and property shares have dragged the FTSE lower, offsetting a rally in banking stocks led by HSBC. (Close): Weaker commodities and property shares have dragged the FTSE lower, offsetting a rally in banking stocks led by HSBC.
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 finished the day on 0.2% lower at 6,634.40.
HSBC shares are 3.7% higher at 500.80p after the bank surprised investors with a $2.5bn share buyback announcement. HSBC shares ended 4.5% higher at 504.40p after the bank surprised investors with a $2.5bn share buyback announcement.
That was despite its reporting a 29% fall in pre-tax profits for the six months to the end of June, to $9.7bn. That was despite its reporting a 29% fall in pre-tax profits for the six months to the end of June.
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".
The announcement follows the sale of its Brazilian division last year.The announcement follows the sale of its Brazilian division last year.
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. Standard Chartered Bank saw its share price rise 4.2% to 614.30p, despite reporting a 46% fall in pre-tax profits to $1bn (£749m), which it largely attributed to cost-cutting measures amid growing economic uncertainty.
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.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 Elsewhere, retailer Next reported a rise in overall sales in the three months to the end of July. That led its shares higher by 4.1% to 5,340p.
Next said sales were 0.3% higher compared with a year earlier, although store sales were down 3.3%.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.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 0.21% lower against the dollar at $1.3328 and 0.23% higher against the euro at €1.19280.
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.