MW : British shares on track for fourth straight day of gains
The U.K. FTSE 100 index (UK:UKX 4,767, +10.61, +0.22%) rose 0.2%, or 11.31 points, to 4,766.65.
Gains were modest after investors pushed the top British share index up 1.4% to a new 2009 closing high on Thursday.
Shares on the Continent also had a strong session on Thursday and were mildly higher on Friday as investors eyed data that pointed to a continued improvement in the economic backdrop. See Europe Markets.
Private-sector activity in the 16-nation euro zone ended 14 months of contraction, the preliminary Markit purchasing managers' index showed Friday.
The composite PMI reading rose from 47.0 in July to a 15-month high of 50.0. Economists had expected the index to rise to 48.3.
Of companies advancing notably in London, British Airways (UK:BAY 181.80, +6.50, +3.70%) shares climbed 2.9% and oil major Royal Dutch Shell (UK:RDSA 1,627, +12.00, +0.74%) (RDS .A 53.68, +0.56, +1.06%) saw its shares advance 0.8%.
In a stronger financial sector, insurers Aviva (UK:AV. 398.10, +9.00, +2.31%) and Legal & General (UK:LGEN 75.95, +2.05, +2.78%) advanced more than 1.8% each.
Outside the top index, shares of soccer club Birmingham City (UK:BMC 95.00, +30.50, +47.29%) jumped 38% to 89 pence per share.
An investment vehicle run by Hong Kong businessman Carson Yeung on Friday made a bid of 81.5 million pounds ($134 million) to buy the firm.
Grandtop (HK:2309 0.41, 0.00, 0.00%) made an offer to buy Birmingham City for 100 pence per share in cash. Read more on Birmingham City deal.
Additionally, property Web site operator Rightmove (UK:RMV 484.50, +53.00, +12.37%) saw its shares jump 11.4%.
First-half profit rose to 13 million pounds, from 12.6 million pounds at the same point a year ago, helped by cost cutting. It said that it's confident of exceeding market expectations for 2009.
Shares of BBA Aviation (UK:BBA 158.30, +4.45, +2.89%) climbed 2.8% after it was upgraded to hold from sell by Citigroup on Friday.
The broker said that, after robust trading in the first-half of 2009 and strong cash generation, it believes the company's financial position looks more secure and trading is near a trough.
