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FTSE lifted by Chinese growth data FTSE lifted by Chinese growth data
(about 1 hour later)
(Open): A better-than-expected growth figure from China lifted UK stocks, but shares in Unilever fell after its sales fell short of forecasts. (Noon): The UK market rose after a better-than-expected growth figure from China reassured investors and gave mining stocks a boost.
China's economy grew by 7.4% last year, beating expectations of 7.2% and only slightly below the official target of 7.5%. China grew by 7.4% last year, beating expectations of 7.2% and only slightly below the official target of 7.5%.
The news helped the FTSE 100 index to rise 26.99 points to 6,612.52. In lunchtime trade, the FTSE 100 index was up 41.83 points at 6,627.36.
However, Unilever fell 1.6% after it said full-year underlying sales rose 2.9%, against expectations of 3.1%. Mining shares were boosted as China is the world's largest importer of raw materials. Anglo American rose 3.6% and Glencore was up 3.3%.
Among shares losing ground, Coca-Cola HBC fell 3.4% after JP Morgan downgraded its rating on the company to "neutral" from "overweight".
Consumer products giant Unilever dropped 1% after it said full-year underlying sales rose 2.9%, against expectations of 3.1%.
The company, whose brands include Ben & Jerry's ice-cream, Lipton tea and Dove soap. said demand for its products in emerging markets had continued to slow.The company, whose brands include Ben & Jerry's ice-cream, Lipton tea and Dove soap. said demand for its products in emerging markets had continued to slow.
Shares in Coca-Cola HBC fell nearly 5% after JP Morgan downgraded its rating on the company to "neutral" from "overweight". In the FTSE 250, William Hill shares fell 3.2% after the bookmaker said fourth quarter revenues were hit by "weaker sporting results".
In the FTSE 250, William Hill shares fell 4% after the bookmaker said fourth quarter revenues were hit by "weaker sporting results".
It said it had been hit by the football results on Boxing Day, which it described as "a very good day for the customer" as all but one of the top 10 football favourites won.It said it had been hit by the football results on Boxing Day, which it described as "a very good day for the customer" as all but one of the top 10 football favourites won.
On the currency markets, the pound rose 0.,08% against the dollar to $1.5125, and was up 0.27% against the euro at €1.3054. On the currency markets, the pound rose 0.22% against the dollar to $1.5146, and was up 0.47% against the euro at €1.3080.