European shares tick higher; construction stocks up

29/04/2012 04:06 AST

European shares inched higher in morning trade on Friday, helped by encouraging company earnings and a march higher for construction and material stocks led by a rise in 2012 sales targets for French firm Vinci .

Sandvik jumped 10 percent, with volumes hitting 143 percent of its 90-day daily average, after the Swedish machinery and tool maker posted record orders and a surprise rise in quarterly earnings, on the back of strong demand in its industrial tools and mining business.

The FTSEurofirst 300 index of top European shares was up 0.1 percent at 1,045.09 points at 0850 GMT after falling to a low of 1,034.54 earlier in the session following a two-notch cut in Spain's credit rating overnight.

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