FTSE 100 closes up despite falls in Europe

http://www.bbc.co.uk/news/business-32427355

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(Close): The FTSE 100 closed slightly higher, but disappointing eurozone data affected the rest of Europe.

The FTSE 100 index closed up 25.43 points at 7,053.67.

Markets elsewhere in Europe were hit by a survey indicating that growth in eurozone business activity slowed by more than expected.

The latest purchasing managers' index (PMI) from Markit dropped to 53.5 from 54 in March, but a figure above 50 still implies expansion.

Markit said the slowdown reflected "weaker rates of expansion in France and Germany".

Germany's Dax share index fell 1.21% to 11,723.58, while France's Cac 40 index dropped 0.62% to 5,178.91.

Confidence among investors was also hit by Greece, as worries persist that the country may have to leave the euro.

Among shares in London, set-top box maker Pace jumped by more than a third after it agreed to be bought by Arris Group.

The US firm is buying Pace in a cash and stock deal worth $2.1bn (£1.4bn). Shares in Pace rose 34% to 447p.

Shares in WPP fell 1.5% after the advertising giant reported first quarter results.

WPP said like-for-like net sales were up 2.5% in the quarter, and said it was on track to hit full-year targets.

William Hill fell 2.98% after the bookmaker reported a 19% drop in first quarter operating profits.

The company said it had made a record weekly loss of £14m in January after a series of "customer-friendly" football results.

On the currency markets, the pound was initially hit by weaker-than-expected retail sales figures but then rebounded, rising 0.09% against the dollar to $1.5050, but dropped 0.63% against the euro to €1.393.