By Sarah Turner

London edged higher on Friday, up for the fourth day in a row, as investors continued to hope for a recovery in the global economy.

The U.K. FTSE 100 index rose 0.2%, or 11.31 points, to 4,766.65.

Gains were modest after investors pushed the top British share index up 1.4% to a new 2009 closing high on Thursday.

Shares on the Continent also had a strong session on Thursday and were mildly higher on Friday as investors eyed data that pointed to a continued improvement in the economic backdrop.

Private-sector activity in the 16-nation euro zone ended 14 months of contraction, the preliminary Markit purchasing managers' index showed Friday.

The composite PMI reading rose from 47.0 in July to a 15-month high of 50.0. Economists had expected the index to rise to 48.3.

Of companies advancing notably in London, British Airways shares climbed 2.9% and oil major Royal Dutch Shell saw its shares advance 0.8%.

In a stronger financial sector, insurers Aviva and Legal & General advanced more than 1.8% each.

Outside the top index, shares of soccer club Birmingham City jumped 38% to 89 pence per share.

An investment vehicle run by Hong Kong businessman Carson Yeung on Friday made a bid of 81.5 million pounds ($134 million) to buy the firm.

Grandtop made an offer to buy Birmingham City for 100 pence per share in cash.

Additionally, property Web site operator Rightmove saw its shares jump 11.4%.

First-half profit rose to 13 million pounds, from 12.6 million pounds at the same point a year ago, helped by cost cutting. It said that it's confident of exceeding market expectations for 2009.

Shares of BBA Aviation climbed 2.8% after it was upgraded to hold from sell by Citigroup on Friday.

The broker said that, after robust trading in the first-half of 2009 and strong cash generation, it believes the company's financial position looks more secure and trading is near a trough.