FTSE buoyed despite BP dividend cut

At 8.28am BST, the index was up 0.15% or 7.71% points to 5, 245.63. The oil giant was the morning's leading share, advancing 6.8% to 359.9p, despite the announcement it has cut dividends for the rest of the year as part of the compensation deal agreed with the US Government. Banks were also big winners. Royal Bank of Scotland rose 1.7% to 45.94p  following the sale of its Pakistan business for £34m while Lloyds TSB gained 0.92% to 56.14p. Miners were among this morning's casualties led by Petrofac, down 1.4% to £12.69. Elsewhere, Schroders NV dropped 1.31% £10.54. In contrast,...