GlaxoSmithKline gives FTSE 100 a lift

By Rachel Cooper 118PM GMT eighteen March 2010

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FTSE 100

Vedanta Resources

GlaxoSmithKline

The benchmark index edged up around fourteen points to 5658 only after 12.30 as investors raided miners following their new rebound. Fresnillo slipped 1.3pc, Vedanta Resources fell 0.97pc and Eurasian lost 0.7pc.

In the ennui as well were banks as investors took a breather following a clever run of gains in the sector. Royal Bank of Scotland, slipped1.6pc, Lloyds Banking Group fell 1.2pc and HSBC forsaken 1pc in sunrise trading.

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Following yesterdays highs, investors were branch behind towards defensives this sunrise with pharmaceuticals on the up.

Leading the assign was GlaxoSmithKline that ticked up 2.8pc after Novartis handed behind US rights to a drug at large believed to be a general version of GSKs lung blockbuster, Advair. The move is thought to revoke the risk of poor copies in GSKs greatest market.

BG Group, the British gas producer, was rock climbing as well as traders gossiped about Exxon Mobil display an seductiveness in the company. Such rumours have finished the rounds prior to and analysts are sceptical, but it didnt stop the association reaching the top echelons of the leaderboard.

Among the second-liners, bid speak was additionally boosting Wellstream Holdings, that gained some-more than 5pc as traders mulled the probability of an 800p-per-share bid from Italys ENI.

Analysts, however, were not convinced.

"This is a non-runner given that ENI is an integrated oil association and would not wish to buy an oil use association given it has small imagination in this area, no synergies and would potentially lose poignant marketplace share," pronounced Panmure Gordon.

But wearing the yellow jersey was Premier Farnell, that sells electronic components together with batteries and microchips. It surged 10pc after stating a lapse to sales and increase expansion in the last 3 months, that gratified analysts.

"This was a great outcome with a lapse to year-on-year expansion in income and profits," pronounced Seymour Pierce.