Drugs giant GlaxoSmithKline prescribed the perfect tonic to investors today as it reported a healthy increase in earnings and sales.
Shares in the group fizzed 3 per cent as the upbeat statement helped the FTSE 100 Index burst through the 5,200 barrier.
A strong showing by oil giant BP, the market's biggest stock, also fuelled the increase, and banking stocks also climbed higher.
By lunchtime the FTSE was up 58.7 points at 5212.8 and on course for its first close above the 5,200 barrier for more than two weeks.
Glaxo was up 46p at €17.88 after it posted a 14 per cent rise in underlying earnings for 2001, topping expectations in the City. Asthma drug Advair fuelled the jump, with sales of €850 million.
Fellow heavyweight BP was also having a good day, climbing 3 per cent as it continued to benefit from its own encouraging results on Tuesday. The oil giant rose 18p to 571p and seemingly gained at the expense of rival Shell.
Shell's final results last week disappointed analysts and led to speculation BP may be a more sound long-term defensive bet.
The FTSE was up by 84 points early on following the progress seen on Wall Street last night where the Dow Jones finished 125 points higher.
The US markets are expected to open higher again this afternoon, and this could see the Dow Jones break through the 10,000 barrier.