Bank shares lead the FTSE 100 lower


(Close): Shares in London pushed higher, despite losses for banking shares.

Standard Chartered shares tumbled 8.8% after the company warned that earnings would fall in the second quarter.

Lloyds Banking Group was down 2.4% after it confirmed 9,000 job losses and the closure of 150 branches.

BP shares were 1.6% higher after the oil giant reported a 21% fall in profits but increased its dividend payout to shareholders.

"Despite being attacked on many fronts, BP is steadfastly continuing on its road to recovery," said Richard Hunter, head of equities at Hargreaves Lansdown stockbrokers.

He highlighted BP's strong cashflow, increased dividend payout to shareholders, a reduction in capital expenditure and an improved market for refined products like petrol.

Miners also performed well, with Anglo American up 3.7% and Antofagasta 3.2% higher.

Overall, the FTSE 100 index was up 38.71 points, or 0.6%, at 6,402.17.

Some traders expect the FTSE to climb for the rest of 2014.

"We're bullish in the immediate term," said Darren Easton, trading director at Logic Investments.

"There may be one more pullback to come, but the FTSE should get back to somewhere near the earlier year-highs by the year-end."

On the currency markets, the pound was up almost half a cent against the dollar at $1.6152 and was slightly lower against the euro at €1.2680.