Sector movers: Banking sector falls as HSBC disappointment offsets gains elsewhere

A 5% drop in the share price of HSBC pushed the banking sector firmly into the red on Monday even though shares of other lenders were making gains.Lloyds and RBS were still in positive territory in afternoon trade and Barclays was more or less flat, but given HSBC's size the whole sector was registering losses. HSBC has a market capitalisation of £111bn compared with its next-biggest peer, Lloyds, which is valued at £56bn.HSBC reported a 17% drop in pre-tax annual profit to $18.68bn for 2014, after being hit by fines for its involvement in the foreign exchange-rigging scandal.The bank's profits missed the $21.5bn that was estimated by analysts following $3.7bn in fines, settlements, UK customer redress and associated provisions. Operating costs also cut into earnings, increasing 6.1% to $37.9bn."The disappointing set of figures compounds a torrid few weeks [for HSBC]", according to Augustin Eden from Accendo Markets.Chairman Douglas Flint said recent revelations about its Swiss arm offering tax evasion advice have brought "shame" on the bank.Meanwhile, chief executive Stuart Gulliver was forced to fend off accusations by The Guardian that he himself had sheltered millions of pounds of his own money in a Swiss account.Emerging markets-focused peer Standard Chartered was also suffering losses of around 5% on the FTSE 100 in London.Lloyds advanced 1.2% after the UK government reduced its stake in the lender to below 24% with the sale of £500m worth of shares. The government has now recovered around £8bn of the £20.3bn it spent bailing out the bank in 2009. Top performing sectors so far todayBeverages 14,876.54 +1.21%Tobacco 43,560.39 +1.21%Travel & Leisure 8,521.92 +1.18%Automobiles & Parts 9,048.31 +1.04%Food Producers & Processors 8,030.69 +1.02%Bottom performing sectors so far todayOil Equipment, Services & Distribution 16,857.06 -3.76%Banks 4,322.89 -2.75%Mining 14,760.86 -2.53%Industrial Metals & Mining 1,884.06 -1.29%Oil & Gas Producers 7,276.78 -1.24%