Bank stocks help Footsie shrug off US hangover

At midday on Friday the FTSE 100 was up 35 points to 5172. The index was pushed higher by gains from banks and financial stocks, which offset a dismal day on Wall Street on Thursday. The banking sector attracted support with investors confident that cost cuts will improve profits. Lloyds added 2% to 739p in the wake of news it's cutting 3,000 jobs to reduce expenses. Royal Bank of Scotland gained 2% to 1,866p while HBOS advanced 3% to 769p. Tech stocks Sage and Arm sandwiched the gainers and losers table – while Sage sat happy at the top with a gain of 7% to 215, Arm dragged be...