FTSE 100 up on improved European economic data

Britain’s blue chip index opened up this morning, driven by improved economic data from Germany and France.

In early trading, the FTSE 100 was up, tracking rises in Asia, as hopes were raised ahead of upcoming positive economic data from Europe.

Insurer Standard Life was one of the morning’s biggest risers, adding 5.18 per cent as the firm reported half-year profit was up by a forecast-beating 15 per cent.

Water companies United Utilities and Severn Trent also led the risers this morning, adding 4.14 per cent and 2.69 per cent respectively.

Gambling group Sportingbet moved up almost 3 three per cent thanks to good fourth-quarter results, including strong performance within the group’s Australia division.

Building materials maker CRH lost 5.17 per cent as earnings slipped in the first half of the year thanks to deteriorating confidence in its European business.

Investment company Ecofin Water & Power Opportunities shed 2.74 per cent in early trading, while platinum firm Lonmin shouldered a 2.23 per cent drop as reports emerged of nine killed in violent clashes at one of its South African mine.

The UK banking sector was a mixed bag, with HSBC adding 0.57 per cent, Barclays adding 1.64 per cent and Lloyds Banking Group up 0.52 per cent. Only RBS was down, dropping 0.72 per cent.

In Asia, the Nikkei ended the day 0.5 per cent up, despite lower-than-expected GDP growth that came out yesterday, as investors eyed up further economic stimulus.