HSBC sinks FTSE despite massive profit

Despite HSBC announcing a 37% rise in annual profits to £9.18bn, the bank shed 25p to 868p on the market today, while the benchmark declined 38.40 points to 4,968.40 points. Brewer, Scottish & Newcastle also dropped 11.50p to 448.25p. Packaging firm Bunzl meanwhile, picked up 30.25p or 6.5% to 500.25p. The company said it would spin off its Filtrona cigarette-filter unit so as to concentrate on supplying food packaging and services to Wal-Mart Stores. Filtrona accounted for 16% of the company's sales of £2.92bn. Enterprise Inns has also added 22p to 764p. In the US the Dow Jones I...