U.K. stocks opened higher on Tuesday heading for their first gain in four sessions. London’s benchmark share index rose in early trade, helped by well-received results from National Grid, Vodafone and ITV. The FTSE 100 edged up a modest 0.3 percent.
Leading the way were National grid shares that rose 3 percent after the company said it would sell a majority stake in its gas distribution business and posted a 15 percent rise in half-year profits to 1.84 billion pounds.
Vodafone Group PLC is also among the companies whose shares rose after earnings results. Vodafone climbed more than 2 percent after it said revenue growth had picked up in the second quarter.
Experian PLC also enjoyed gains today after shares jumped 3 percent after the consumer credit checker pledged to return an additional $200 million to shareholders thorough extending its $600 million share buyback program that was announced in January 2015.
The latest update from broadcaster ITV helped to push its shares up almost 2 percent. It reported a 13 percent rise in revenues for the nine months to the end of September, helped by strong sales during the Rugby World Cup.
However weighing down on European markets are mining shares, which are feeling the pinch from disappointing consumer and producer inflation data coming out of China. The FTSE 100 and the Stoxx 600 both felt the pressure coming from the mining sector as stocks were hit on the back of a report showing consumer inflation in China slowed to a 1.3 percent rate in October. China is a major buyer of commodities, and slowing inflation is the latest indication that demand remains weak.
In the mining group, Anglo American PLC fell more than 6 percent, Glencore, and Sweden’s Boliden gave up over 2 percent.
Results for Chinese industrial production and retail sales due Wednesday will now be taking on even more importance as these results will give a clearer picture of the Chinese economy.
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