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HSBC leads UK stock market higher


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