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HSBC helps lift Britain's FTSE on relocation prospects

Reuters - UK Focus

* FTSE 100 up 0.4 pct; eyes 1.3 pct weekly gain

* HSBC biggest FTSE boost as it considers move out of UK

* BAE rises as it reviews U.S. business

By Francesco Canepa

LONDON, April 24 (Reuters) - Britain's main share index edged higher on Friday, supported by gains in heavyweight bank HSBC after it said it is considering moving its headquarters out of Britain for regulatory reasons.

Shares (Berlin: DI6.BE - news) in the London-based global bank rose 2.7 percent after it said its board had asked management to look at where is the best place to be based in light of new UK regulations, citing in particular the requirement to ringfence retail operations.

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"There's a lot of uncertainty and operating costs to establishing a ringfence," Mike Trippitt, an analyst at Numis Securities, said. "The review is a step in the right direction."

The stock added 12 points to the FTSE 100, which was up 26.73 points, or 0.4 percent, at 7,080.40 points at 0832 GMT. The index was up 1.3 percent since the start of the week.

BAE Systems (LSE: BA.L - news) rose 2.1 percent after Europe's biggest defence contractor said it had started an assessment of its U.S.-based manpower and services businesses in its Intelligence and Security divisions, which it said have generated a number of enquiries and external interest.

On the downside, AstraZeneca (NYSE: AZN - news) fell 2.6 percent after reporting a 6 percent drop in first-quarter sales, hit by the launch of generic copies of its popular stomach acid pill Nexium in the vital U.S. market and by the strong dollar.

Mid-cap Acacia Mining Plc rose 4.6 percent as analysts at Credit Suisse (NYSE: CS - news) initiated the stock with an "outperform" rating even after the company reported an 18 percent fall in its first-quarter core profit.

"New (KOSDAQ: 160550.KQ - news) management's improving track record and strong focus on mine development give us confidence on project delivery," Credit Suisse analysts said in a note.

"We see scope for self-help to drive a re-rating (35 percent upside potential) on a six to 12-month view.

Barclays (LSE: BARC.L - news) analysts said that Acacia's weak results were primarily due to temporary issues in some mines and saw "no cause for alarm" as they reiterated their "overweight" rating. (Editing by Susan Fenton)