HSBC boosts FTSE 100

<p>HSBC experienced a 2.9 per cent increase in shares on Friday.</p>

HSBC has helped the FTSE 100 to carry on its upward trajectory.

The bank experienced a 2.9 per cent increase in shares on Friday (April 24th) which was then followed by a 4.3 per cent rise in early morning trading on Monday. The spike came after HSBC stated that it was looking to potentially move its headquarters out of the UK and is currently looking at a number of locations.

While a permanent home for HSBC's main offices has not been identified as of yet, many experts believe that Hong Kong will be topping the shortlist. HSBC has taken the decision to possibly move out of the UK following a review after "regulatory and structural reforms" due to the financial crisis.

HSBC said in a statement: "The question is a complex one and it is too soon to say how long this will take or what the conclusion will be; but the work is under way."

Alongside HSBC's boost in shares was followed by Standard Chartered's gains of 3.2 per cent. This prompted a slight increase in the FTSE 100 index which sat 0.47 per cent up at 7,104.17. Elsewhere, the pound dropped 0.24 per cent against the dollar to $1.551 (£1.02) while did not alter much against the euro at €1.3968 (£1.00067).

FTSE 100 companies looking to adapt

One major criticism of companies on the FTSE 100 is that they are failing to fully adapt to the digital age. Creative consultancy Radley Yeldar published a report which found that 50 per cent of firms were "digitally immature" with many failing to embrace and utilise the latest technology, City AM reports.

Looking at corporate websites, social media platforms, mobile web, mobile apps and intranets for each of the FTSE 100 companies, Radley Yeldar ranked SABMiller as the most "digitally mature" firm listed on the index.

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.