London shares were in positive territory on Wednesday amid upbeat UK economic data, but economists voiced caution.
The FTSE 100 Index rose 16.8 points to 6740.83 as second quarter GDP growth rose to 0.6% quarter-on-quarter from 0.4% in the first three months of the year, above the 0.5% consensus.
But experts said the figures were of limited relevance, having mostly covered the period before the UK's EU referendum on June 23.
Chris Williamson at IHS Markit said: "The UK economy gained momentum in the second quarter before the EU referendum, but growth looks set to slow sharply in the third quarter, with the risk of a downturn having risen sharply as post-referendum data have disappointed.
“Policymakers won’t be especially interested in what happened prior to the June 23 vote, and the August policy meeting at the Bank of England will instead focus on how the economy has fared since."
Talk of fiscal stimulus in Japan and mostly positive earnings from the likes of Apple Inc (NASDAQ:AAPL) offset jitters about the Federal Reserve's rate decision later, although no change is expected.
The FTSE AIM 100 rose 18.52 points to 3578.95 and the FTSE AIM All-Share gained 2.54 points to 748.81.
W Resources PLC (LON:WRES) blasted ahead 10% to 0.4p after the tungsten, copper and gold explorer focused on Spain and Portugal started hard rock mining at its La Parrilla tungsten project in Spain.
Shares in Berkeley Energia Ltd (LON:BKY) ticked up 8.2% to 49.5p as the Spanish uranium mine developer considered options to fully fund its Salamanca mine, where initial infrastructure work has now started.
Flybe PLC (LON:FLYB) flew 9% lower to 38.25p as the troubled UK regional airline faced slowing demand after the EU referendum and disruption from air traffic control strikes on the continent.
Cenkos Securities PLC (LON:CNKS) dropped 7.9% after the stockbroker confirmed speculation that it was facing a Financial Conduct Authority probe.
The investigation was reportedly focusing on its work advising Quindell plc, now known as Watchstone Group plc on its planned move to the LSE’s main market in 2014.
Back in the top flight, investors switched on to shares in ITV PLC (LON:ITV) after the free-to-air broadcaster reported higher revenue and profit despite uncertainty from the EU referendum result.
Among the biggest losers was Fresnillo (LON:FRES), down 1.12% to 1,846p. Brexit jitters continued after the precious metals miner ramped up gold production last week.
Preview at 6.59am
London’s blue chips are set to rise in early dealings after markets in Asia rallied late.
Financial spread bet firms see FTSE 100 adding around twenty points from the 6,724 close yesterday, itself up thirteen points.
US markets were dominated by the reporting season with tech giants Apple and Twitter both issuing updates.
IPhone maker Apple produced slightly better than expected numbers even sales of the iconic mobile phone slowed for a second quarter running.
Revenue declined 15% to $42.4bn from $49.6bn a year earlier. Earning also fell but markets were reassured by a forecast of revenue for the fiscal fourth quarter of $45.5bn to $47.5bn.
Twitter, meanwhile, posted a 20% hike in revenues to US$602mln, but guidance for the next quarter was lower than expected sending the shares tumbling in after-hours trading.
The Dow Jones Industrial Average closed 19 points lower at 18,473, though the two other major indices posted modest gains.
Asian markets were mixed though strong gains in Tokyo offset losses in Shanghai and Hong Kong, with the mood seeming to improve as the day wore on.
In the UK today, it is also a big results day with ITV PLC (LON:ITV), drug group GlaxoSmithKline PLC (LON:GSK), house-builder Taylor Wimpey PLC (LON:TW.) and oil explorer Tullow Oil plc (LON:TLW) all reporting.