Financials cut FTSE gains

Prudential fell 26.25p to 484p after reporting results that undershot expectations. The company cut its dividend for the second time in six months as it sought to shore up its financial position. Friends provident followed close behind with a 5.75p fall to 146.5p. Legal & General fell 3.5p to 100.75p, and Aviva shed 15p to 540.5p. Amvescap dropped 15p to 420p after the US Securities and Exchange Commission and New York State attorney general Eliot Spitzer announced a formal investigation into market timing by one of the UK firm’s competitors. Amvescap through its US business too ha...