Tiger Brokers

HSBC Tops $300 Billion Market Value for First Time

Reuters
Yesterday

Jan 27 (Reuters) - Shares in HSBC rose as much as 3% to a new record high on Tuesday, briefly lifting the bank's market value above $300  billion and putting it neck-and-neck with AstraZeneca for the top spot in London's FTSE 100 index.

By 1050 GMT, HSBC shares rose 2.8% to 12.77 pounds, bringing gains so far this year to almost 9% and making it Tuesday's top gainer on the FTSE, which was up around 0.6%.

HSBC, NatWest and other major British banks are set to follow their European counterparts in raising profit targets when they report earnings in the coming weeks, people close to the matter told Reuters.

The FTSE 350 banking index has risen 6% this year, outpacing euro zone peers, which are up 4.2%.

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