Around the World's Markets: London

Wednesday 28 July 1999 23:02 BST

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LEADING SHARES rose for a second day on the back of a strong rebound in leading drug stocks. The FTSE 100 extended its rebound from Monday's four-month lows to close up 34.4 points or 0.6 per cent at 6,297.2.

The advance was due to sharp gains of more than 4 per cent each in drug stocks Glaxo Wellcome and SmithKline Beecham.

The two rebounded from their lowest levels since late 1998 to lift the index by 21 points. "The story is that these stocks were just amazingly cheap," said one analyst. Market Report, page 21

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