HSBC Share Price Unstable on Mixed News

Monday was a rocky day for HSBC (HSBA) shares. Having opened at 634.10p the price initially rose to 638.10p but then fell sharply and hit a low of 631.12p. However, the shares then recovered somewhat and closed the day at 635.70p. The shares are now up 1.83% for the week and up 2.48% for the month.

HSBC, along with Barclays and the Royal Bank of Scotland, are stet to be fined billions by US and UK regulators for currency market rigging as part of a settlement being worked out this weekend. It is possible that a settlement will be announced as early as this week and it is sure to have an impact on share price.

The price was also impacted yesterday when Credit Suisse reiterated its ‘Underperform’ assessment. However, it also raised its target price from 550p to 610p.