Glaxosmithkline Share News (GSK)

(ShareCast News) - The FTSE 100 index built an early lead on Wednesday and stayed in positive territory thanks to forecast-busting results from several heavyweights in the pharma, tobacco and banking sectors.London's blue chip index was up 0.57% to 6,592.54 at 1435 BST.Top of the leaderboard mid-afternoon were a pair of drug companies. GlaxoSmithKline's shares rallied after the big pharma company posted better-than-expected earnings and operating profits for the second quarter, and said it expected to see a significant recovery in core earnings per share next year.Sector peers Hikma Pharmaceuticals was given a shot in the arm by an upgraded recommendation from Jefferies. The broker raised its price target to 2,615p from 2,134p as it made references to lyrics in The Police's hit song and integrated the company's "transformational" deal with Roxane Laboratories, saying it gave the "green light" for a 'buy' rating.In another defensive sector, British American Tobacco posted a rise in first-half profit, although revenue for the period was dented by currency moves. Nevertheless, the big tobacco player, which owns Dunhill and Lucky Stripe, said net profit for the year to 30 June came in at £2.65bn, up from £1.75bn and better than consensus expectations for £2.44bn.Sector peer Imperial Tobacco was also lifted by the news.Barclays moved higher as its first half results beat forecasts, with an 11% increase in adjusted pre-tax profits as it set aside a further £1.6bn provision for further litigation and mis-selling after paying the same amount in the period. Executive chairman John McFarlane highlighted his pleasure at recent progress in the investment bank and called for the "need to accelerate the execution" of strategy.Leading the fallers was catering group Compass, after it warned of plans to restructure is fast growing and emerging (FG&E) markets business. Although third quarter results were mostly in line with forecasts, the costs of this rejig would impact full year operating margins.Shares in outsourcing group Capita also fell in spite of its announcement of an 11% rise in underlying first-half pre-tax profit, with most of it divisions performed well. However, this was undermined by the admission that the second half likely to be softer as the company said it only expected a "slight acceleration" in organic growth due do some delays.And Sky was another faller against a backdrop of solid results. Full-year numbers from the satellite broadcaster were better than the market expected in many places, thanks to impressive UK pay TV and broadband subscription levels. Investec noted that flagged profit growth was not as fast as it had been after nine months due to tougher comparatives and investment. FTSE 100 - RisersGlaxoSmithKline (GSK) 1,375.00p +3.50%Hikma Pharmaceuticals (HIK) 2,402.00p +3.49%British American Tobacco (BATS) 3,659.00p +3.03%Vodafone Group (VOD) 240.30p +2.06%Barclays (BARC) 285.35p +2.06%Imperial Tobacco Group (IMT) 3,346.00p +1.83%Relx plc (REL) 1,090.00p +1.49%ARM Holdings (ARM) 1,001.00p +1.42%Carnival (CCL) 3,405.00p +1.31%Experian (EXPN) 1,170.00p +1.30%FTSE 100 - FallersCompass Group (CPG) 1,033.00p -4.88%Antofagasta (ANTO) 571.50p -2.47%Capita (CPI) 1,261.00p -1.94%Smiths Group (SMIN) 1,119.00p -1.84%Admiral Group (ADM) 1,480.00p -1.07%Sky (SKY) 1,112.00p -1.07%Glencore (GLEN) 210.45p -0.99%RSA Insurance Group (RSA) 513.50p -0.96%Sage Group (SGE) 515.00p -0.96%International Consolidated Airlines Group SA (CDI) (IAG) 551.00p -0.90%