FTSE Rises With Help From HSBC and Sports Direct

Britain’s top share index rose on Monday, boosted by the reopening of banks in Greece and positive broker comments about HSBC and Sports Direct.

The blue-chip FTSE 100 index was up 0.5 percent at 6,809.21 points by 1004 GMT after falling in the previous session.

Shares in HSBC rose 1 percent to 586 pence, adding the most points to the FTSE 100 index, after Citigroup raised its rating on the stock to “buy” from “neutral” and increased its price target to 635 pence from 625 pence.

“Citi’s upgrade is benefiting HSBC. Despite its exposure to the Asian market, HSBC remains well capitalised and financially robust and is looking to streamline its operations wherever possible,” Richard Hunter, head of equities at Hargreaves Lansdown, said.

“Some stabilisation in Greece has also helped market sentiment. If we don’t hear any bad news from Greece in the next couple of days, investors will turn back to fundamentals such as quarterly earnings,” he added.

Greeks banks reopened three weeks after closing to stop the system collapsing, the first cautious sign of a return to normal after a deal to start talks on a new package of bailout reforms.

Reuters

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