By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- HSBC PLC shares rose Monday following
the banking heavyweight's financial results, helping to lift the
benchmark FTSE 100 index.
HSBC's (HSBC)first-half net profit declined to $9.46 billion
from $10 billion in the first half of 2013 as business slowed in
investment banking and some of its key Asian markets. Underlying
revenue fell 4% to $31.36 billion. The declines were expected by
analysts.
Investec on Monday noted HSBC's global banking and markets
revenue fell 10% quarter-over-quarter to $4.6 billion in the second
quarter -- "respectable in a broader industry context, partially
reflecting HSBC's better positioned geographic/product as well as
FX support."
HSBC shares tacked on 2%, topping the FTSE 100 index , which
rose 0.5% to 6,709.63. The index earlier in the session teetered
toward the red, and a loss on Monday would be the index's fourth in
a row. Last week, it fell by 1.7%.
Intertek Group shares were also among the strongest gainers in
London, rising 2.5%. The safety and testing products company raised
its increased interim dividend by 7% to 16 pence a share, from the
year-earlier period.
Oil companies and miners also advanced, with BP (BP) up 0.6%.
Decliners included tobacco producer British American Tobacco with
its shares off 0.2%.
Meanwhile, the pound (GBPUSD) was little changed against the
U.S. dollar after U.K. construction fell to 62.4 in July, according
to the Markit/CIPS purchasing managers' index. The consensus
estimate was for a reading of 62, and the reading in June was 62.4.
The pound bought $1.6818, compared with $1.6822 ahead of the data
and around $1.6825 late Friday.
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