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FTSE 100 bolstered by HSBC results

The UK market opened higher, helped by HSBC after the banking giant reported a rise in half-year profits.

HSBC’s shares were up 3.1% in early trade after it said profits rose 5% to $10.2bn (£7.8bn) and announced a share buyback of up to $2bn.

The bank was one of the biggest risers on the FTSE 100, with the index itself up 35.98 points at 7,404.35.

Shares in utility companies Severn Trent and United Utilities were both lifted by a broker upgrade.

RPC lifted its rating on both companies to “outperform”.

Cigarette companies remained under pressure following Friday’s news that the US Food and Drug Administration was considering cutting the level of nicotine in cigarettes. Shares in Imperial Brands fell 4.4% and British American Tobacco dropped 1.8%.

On the currency markets, the pound fell 0.1% against the dollar to $1.3118 and rose 0.1% against the euro to 1.1191 euros.

Source: business

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