FTSE Starts March By Falling To SIx-Year Low Led By HSBC
The FTSE 100 has begun March like a lamb rather than a lion, falling more than 4% to a six year low.
London’s decline mirrored the performance in Asia after Japan’s Nikkei registered a drop of almost 4% overnight,
Market heavyweight HSBC led the way tumbling 23% – or 112p to 379p – after it scrapped its final dividend, announced a 62% fall in profits and confirmed plans to raise £12.5 billion from shareholders.
Among other banking stocks, Royal Bank of Scotland was down 5% while Standard Chartered, which shares HSBC’s focus on Asian markets, was down 10%, Lloyds was also down 10%, and Barclays 7% lower.
London’s decline mirrored the performance in Asia after Japan’s Nikkei registered a drop of almost 4% overnight,
Market heavyweight HSBC led the way tumbling 23% – or 112p to 379p – after it scrapped its final dividend, announced a 62% fall in profits and confirmed plans to raise £12.5 billion from shareholders.
Among other banking stocks, Royal Bank of Scotland was down 5% while Standard Chartered, which shares HSBC’s focus on Asian markets, was down 10%, Lloyds was also down 10%, and Barclays 7% lower.
