Christmas is coming and the market's getting thin. In low pre-holiday volumes the FTSE 100 continues to power higher this morning with a broad spread of risers from energy stocks and financials to pharmaceuticals.
The index is up 44 points, or 0.8%, to 5338, building on Monday's strong gains and showing little reaction to the news that Britain's economy contracted 0.2% in the third quarter, defying analyst expectations the decline would be revised to a smaller 0.1% dip.
GlaxoSmithKline is one of the top risers, up 28.5p, or 2.2%, at £13.29.5 mirroring gains for US drugmakers on Monday after a bill to overhaul the US healthcare system, which is perceived as less damaging to industry profits than expected, passed a crucial test in the Senate.
Cairn Energy is the top riser for a second day following news its Greenland drilling is a year ahead of schedule and as Deutsche Bank raised its price target on the shares to £34.10 from £32.40.
As oil prices continue to tick higher, energy stocks in general are in demand, with Royal Dutch Shell up 38.5p, or 2.2%, at £18.05.5.
