Sector movers: UK banking stocks rise after HSBC results

Banking stocks were leading the risers in London on Monday after investors gave a welcome reception to first-half results from sector heavyweight HSBC.HSBC shares were up 1.5% at 638.7p in afternoon trade despite the company reporting a worse-than-expected 12% fall in half-year profits.The bank reported a profit before tax in the first six months of the year of $12.340bn, down from $14.071bn last year and short of the consensus forecast of $12.549bn.Nevertheless, HSBC reported a 43% reduction in the amount put aside for customer redress, whilst hailing a strengthened capital position."'These results demonstrate the resilience of our business model," said chief executive Stuart Gulliver. "Whilst regulatory uncertainty persists, our balance sheet remains strong and our continuing ability to generate capital supports both growth and our progressive dividend policy."Other banking stocks were also performing well on Monday, including RBS, Barclays and Lloyds.Top performing sectors so far todayBanks 4,515.97 +1.51%Industrial Metals & Mining 1,216.08 +1.15%Pharmaceuticals & Biotechnology 12,858.28 +1.11%Gas, Water & Multiutilities 5,924.98 +0.96%Automobiles & Parts 8,092.05 +0.64%Bottom performing sectors so far todayElectronic & Electrical Equipment 3,675.23 -0.83%Software & Computer Services 1,107.07 -0.82%Technology Hardware & Equipment 1,010.46 -0.81%Industrial Engineering 10,168.95 -0.76%Travel & Leisure 6,924.41 -0.75%BC