Engines, drugs and oil

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Blue-chips made gains in early trading despite overnight falls on Wall Street and in Asia.

“Aero-engine giant Rolls-Royce’s shares took off after it revealed a strong and growing order book,” says AJ Bell Investment Director Russ Mould.

“Investors breathed a sigh of relief that the group did not issue a further profit warning and that it only cut its dividend whereas many feared it might be scrapped.

“Pharmaceutical group GlaxoSmithKline’s shares edged higher despite the group being fined nearly £38m by the Competition Markets Authority for making payments to rivals to delay the launch of generic versions of its anti-depressant Seroxat. GSK was buoyed by Berenberg reaffirming its hold investment rating on and raising the price target to 1600p from 1590p.

Europa Oil & Gas was an early riser after it was awarded a new licensing option in the southern Porcupine Basin, offshore Ireland. The area is underexplored and has the potential to hold substantial hydrocarbon reserves.”

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