FTSE ticks higher ahead of data onslaught this week

Shares were a tick higher in opening deals as many investors stuck to the sidelines ahead of a glut of economic data out this week and amid ongoing fears about the state of the global economy.

The FTSE 100 was 9.8 points higher at 5142.9, adding to gains of more than 6% last week.

On Friday, the US DJIA rose 59 points to close at 10198 - having had its best weekly performance in over a year but analysts remain cautious about the prospects for stocks as earnings season kicks off tonight.

Currency markets will be in focus this week as investors weigh the relative strength of the world's largest economies with plenty of economic data to trawl through.

First out of the blocks in the UK is today's delayed final GDP reading for the first quarter. Most economists expect it to be unchanged from the revised 0.3% growth seen in the last reading. Inflation data tomorrow will also be scrutinised amid the growing split between policy makers about whether above forecast inflation means rates need to rise. Unemployment data is due on Wednesday.

The euro advanced 4% last week as nervousness about the state of the US economy remained high.

BP topped the risers amid more weekend speculation it may be bid for by ExxonMobil or Chevron after reports the US government has said it would not stand in the way of a bid, even though it would raise competition concerns under normal circumstances. China's oil giant Petrochina also suggested it may be interested in doing a deal with BP. Meanwhile, the beleaguered oil giant is reportedly hoping to sell assets in Alaska for $12 billion as it continues to shore up its finances and defend itself from predators.

A hopeful statement from the company on its latest attempt to stem the flow of oil flooding from its disaster struck well in the Gulf of Mexico also helped. Shares rose 14.9p or 4.11% to 379.8p.

Shares in Cobham rose 3p to 231.5p after a Merrill Lynch upgrade to 'buy'.

Miners though were weighed down by ongoing fears about the pace of the global recovery.

Kazakhmys led the pack lower, down 16p at £10.75.