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HSBC leads UK stock market higher

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The UK stock market opened higher with HSBC leading the way after the bank’s shares were upgraded by analysts at Morgan Stanley.HSBC shares climbed 4.25%, making it the biggest riser on the FTSE 100, after Morgan Stanley raised its rating on the bank to “overweight”.The FTSE 100 index was up 40.42 points, or 0.6%, at 7,428.22 in early trade.Mining companies also boosted the market, as shares in the sector were boosted by rising prices of metals.Anglo American rose 3.9%, and Rio Tinto and BHP Billiton were both up by more than 2%.In the FTSE 250, shares in packaging firm DS Smith jumped nearly 10% after it said it had entered the US market by buying an 80% stake in US firm Interstate Resources for $920m (£709m).On the currency markets, the pound continued to strengthen. Against the dollar it was up 0.4% at $1.2981, while it edged up slightly against the euro to 1.1366 euros.On Wednesday, the pound had jumped by nearly 1% after the governor of the Bank of England, Mark Carney, suggested that interest rates could rise if business investment grows.
Source: BBC