Utilities rise (Il Sole 24 Ore Radiocor) - London, 11 Jul - UK shares closed higher after data showed that the UK economy swung back to growth in May, rising by 0.4% and beating expectations for a 0.2% increase. The British pound hit a four-month high against the dollar on the news.

Also helping, US inflation slowed further in June, rising hopes for a rate cut by the Federal Reserve later this year.

Both US headline and core consumer-price inflation eased more than expected last month. This comes after dovish comments from Federal Reserve chair Jerome Powell over the last two days had spurred optimism over a soft landing for the US economy.

Among individual stocks, utilities rose after Ofwat's latest draft declaration outlined a rise in average prices in England and Wales.

Severn Trent added 3.74% at 2,715.00 pence and United Utilities closed 2.63% higher at 1,094.00 pence.

The London FTSE 100 closed up 0.36% at 8,223.34 points.

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(RADIOCOR) 11-07-24 18:33:11 (0584) 5 NNNN