MARKET TALK: Swap BP With HSBC To Replace Lost Dividend -Oriel

0928 GMT [Dow Jones] HSBC (HBC) may be the logical dividend income replacement for BP (BP.LN), given that the market has lost the BP dividend which was due to be paid on June 21, says Oriel Securities. Oriel says investors should consider increasing weightings in HSBC, which clearly meets the broad criteria of a large FTSE 100 index weight and a quarterly payer. Oriel says HSBC pays three equal quarterlies followed by a balancing 4Q payment which reflects "outlook/capital position and forex rates, particularly ensuring British pound investors are not penalized if the pound strengthens." HSBC shares +0.4% at 652p and BP +4.8% at 377p. (ishaq.siddiqi@dowjones.com) Contact us in London. +44-20-7842-9464 Markettalk.eu@dowjones.com (END) Dow Jones Newswires June 18, 2010 05:28 ET (09:28 GMT)