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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/hsbc-shares-dip-despite-profits.jpg"><img class="alignnone size-full" title="The FTSE 100 Index opened 29 points lower at 5972" src="http://londonglossy.com/wp-content/uploads/2011/02/min-hsbc-shares-dip-despite-profits.jpg" alt="The FTSE 100 Index opened 29 points lower at 5972"/></a></p>
<p>HSBC shares are under pressure despite the banking giant&#8217;s return to the kind of profitability last seen before the financial crisis.</p>
<p>The group&#8217;s surplus of 19 billion US dollars (£11.8 billion) during 2010 was more than double a year earlier but came in slightly short of City expectations and meant shares slipped 3% or 21.4p to 689.7p.</p>
<p>There was also disappointment for Primark owner Associated British Foods, while the FTSE 100 Index surrendered some of the gains seen on Friday to stand 29 points lower at 5972.2.</p>
<p>AB Foods slipped 39.75p to 987.25p as it revealed a deterioration in sales growth at Primark and said the discount fashion chain had seen a &#8220;noticeable&#8221; slowdown in UK consumer demand.</p>
<p>While half-year figures will be in line with market expectations, Shore Capital said there was more evidence that the company&#8217;s various divisions were experiencing either lower sales growth or margin pressure.</p>
<p>Next was also impacted by the Primark update as its shares fell 23p to 2001p.</p>
<p>Penguin, Financial Times and textbook publisher Pearson moved in the opposite direction, lifting 11p to 1052p, after reporting a 15% rise in full-year profits to £857 million and a 9% increase in its dividend.</p>
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