HSBC was among the biggest losers in the FTSE 100 Index today after its £13.8billion profits haul failed to impress investors.
Its annual results disappointed the City and shares dropped 4%, or 21.4p to 553.5p.
London’s main market fell 19.6 points to 5,915.6 despite a gain of 1% for heavily-weighted BP.
The oil giant’s shares rose 5.5p to 501.7p after it signalled it was close to a possible settlement over tens of thousands of damages claims arising from the Deepwater Horizon disaster.
Essar Energy was the Footsie’s biggest faller – down 15% or 18.4p at 107.6p – after the India-focused oil refiner reported a 10% fall in 2011 core earnings and said it was pushing back the start date of three key power projects.
Associated British Foods was also lower despite saying its budget fashion chain Primark had performed well in the first half of its financial year. Shares fell 19p to £12.00 after strong gains in recent months.
Elsewhere in the retail sector, Marks and Spencer (M&S) was 6.7p higher at 360.1p and Next lost earlier gains to slip 3p to £27.63.
Housebuilder Bovis recovered earlier falls in the FTSE 250 Index after reporting a 41% jump in sales reservations so far this year and a 74% rise in profits to £32.1million for 2011. Shares were up 4.5p at £5.10.
The Footsie’s biggest risers included Bunzl up 21.5p at £9.52, Tate and Lyle ahead 12p at £7.09 and International Airlines Group 2.5p higher at 162.9p.
Among the top flight’s biggest fallers were Pearson off 47p at £12.04 and Evraz down 12.3p at 402.7p.
Steven McKay, of investment manager and financial planning specialist Brewin Dolphin in Aberdeen, noted Aberdeen Asset Management rising 1.2% to 250.1p and Wood Group adding 1.2% to 748.25p.
Royal Bank of Scotland fell 2.1% to 27.94p, Premier Oil slipped 1.7% to 441.7p and FirstGroup lost 1.4% to 291.05p.