Drugs stocks help FTSE high

Drugs stocks helped the FTSE 100 Index to break back above the 4800 barrier today.

GlaxoSmithKline and AstraZeneca were among the highest risers after Glaxo said regulators had allowed two withdrawn drugs back on the US market.

The news helped the Footsie to retain most of the gains it made in early trading, leaving it 14.7 points up at 4804.1 by mid-morning.

GlaxoSmithKline led the Footsie risers with a 4% or 50p advance to 1291p after broker Numis Securities described the return of the two withdrawn drugs to the market without cash penalties as “reassuring”. AstraZeneca benefited from the news, lifting 33p to 2313p.

Investors in Shell gave a mildly positive reaction to the company’s announcement of another profits rise in the first quarter, lifting its shares by a penny to 469p. BP also benefited, adding 4.5p to 536.5p.

Outside the top flight, shares in Marconi dived 41% after BT failed to pick the telecoms equipment company for any work in the roll-out of its network transformation programme.

The stock lost 200.5p to 281.5p.