London open: Stocks rise modestly amid Greek talks, UK economic data

"The FTSE opened the day on the positive side of flat, after yesterday afternoon’s […] declines pulled the index away from its record-highs. As the election rumbles on, the UK’s economic releases today will be heavily scrutinised," said Spreadex analyst Connor Campbell.

The FTSE 100 was up 0.2% at 7,074.65 in early deals, with utility stocks leading the rise. The index had pulled back the previous session from Wednesday's record closing high of 7,096.78.

The market's focus on Friday morning was likely to be on domestic economic data, with UK average weekly earnings, UK jobless claims and the UK unemployment rate all due for release. The latter, in particular, is forecast to fall from 5.7% to 5.6% in the three months ended February.

Meanwhile, all eyes continue to be on Greece as its debt crisis dominates proceedings at the International Monetary Fund-World Bank spring meetings in Washington.

Pierre Moscovici, European Commissioner for economic and financial affairs, said there is no Plan B for Greece regarding a deal over a rescue package.

Meanwhile, IMF managing director Christine Lagarde denied speculation that the IMF was willing to grant a delay on the repayment of loans due next month.

Yanis Varoufakis responded by saying that Greece will "compromise, compromise, compromise without 'being' compromised".

Utilities lead the rise

Utility stocks were among the best performers early on, with Severn Trent, United Utilities, Centrica, SSE and National Grid on the rise.

Astrazeneca edged higher after its eye cancer treatment, selumetinib, was given 'orphan drug' status by US regulators, which should smooth its path to full approval.

GKN was trading in the red after Exane BNP Paribas downgraded the stock to 'neutral', while engineering peer Weir Group was lifted by the broker to 'neutral'.

Engineering and consulting outfit Ricardo was in demand after expanding its rail services with the £42.5m acquisition of consultancy and assurance business Lloyd's Register Rail.

On AIM, Mediterranean-focused explorer Sound Oil received environmental approval for its Nervesa gas discovery in Italy, which remains on track to reach commercial production this year.

Shares in Applied Graphene Materials jumped after the graphene products group reported positive results from independent coatings trials.

Market Movers
techMARK 3,230.61 +0.30%
FTSE 100 7,074.65 +0.20%
FTSE 250 17,773.90 +0.25%

FTSE 100 - Risers
Pearson (PSON) 1,397.00p +1.97%
Severn Trent (SVT) 2,159.00p +1.79%
Persimmon (PSN) 1,758.00p +1.44%
Ashtead Group (AHT) 1,129.00p +1.26%
ITV (ITV) 269.10p +1.13%
Barratt Developments (BDEV) 535.00p +1.04%
Mondi (MNDI) 1,397.00p +1.01%
British Land Company (BLND) 860.50p +1.00%
Burberry Group (BRBY) 1,827.00p +0.94%
Rolls-Royce Holdings (RR.) 989.00p +0.92%

FTSE 100 - Fallers
Hikma Pharmaceuticals (HIK) 2,097.00p -1.36%
InterContinental Hotels Group (IHG) 2,688.00p -1.03%
Royal Mail (RMG) 444.90p -0.94%
Fresnillo (FRES) 738.50p -0.67%
Intertek Group (ITRK) 2,638.00p -0.64%
Imperial Tobacco Group (IMT) 3,261.00p -0.55%
Tesco (TSCO) 239.95p -0.46%
Marks & Spencer Group (MKS) 566.00p -0.35%
Sports Direct International (SPD) 661.50p -0.30%
Direct Line Insurance Group (DLG) 327.90p -0.27%

FTSE 250 - Risers
Hunting (HTG) 635.50p +5.65%
QinetiQ Group (QQ.) 202.30p +3.69%
Laird (LRD) 356.10p +2.77%
AO World (AO.) 188.70p +2.61%
Playtech (PTEC) 795.50p +2.38%
Soco International (SIA) 186.60p +2.19%
Debenhams (DEB) 86.75p +2.18%
Countrywide (CWD) 535.50p +1.81%
IP Group (IPO) 227.00p +1.75%
Renishaw (RSW) 2,515.00p +1.66%

FTSE 250 - Fallers
Rotork (ROR) 2,566.00p -2.91%
Indivior (INDV) 208.40p -2.30%
NMC Health (NMC) 713.00p -1.79%
Centamin (DI) (CEY) 60.25p -1.79%
Allied Minds (ALM) 686.00p -1.65%
Imagination Technologies Group (IMG) 202.70p -1.60%
Spire Healthcare Group (SPI) 325.80p -1.42%
esure Group (ESUR) 210.00p -1.27%
Evraz (EVR) 203.00p -1.17%
AL Noor Hospitals Group (ANH) 910.00p -1.09%