Update: HSBC leads FTSE with 4% rise despite tumble in profits

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The FTSE 100 has risen by 1.6% in morning trading, with HSBC leading the way despite reporting a slump in profits.

Despite an 86% fall in third-quarter pre-tax profits following a loss from the sale of its Brazilian unit, HSBC's shares rose 4.34% to 620.5p as at 10.15am in the UK. In addition to the $1.7bn loss from the sale, the bank highlighted customer compensation in America and currency moves as factors contributing to the fall in profits, according to the BBC. However, adjusted profit, excluding one-off costs, rose by 7% to $5.6bn, higher than analysts expected. Russ Mould, investment director at AJ Bell, said the rise in the share price comes from a better outlook for the lender, as its ...