AstraZeneca and Reed Elsevier were the stand out performers in a stronger trading session on Thursday, helping the FTSE 100 to erase yesterday’s losses and rally 0.6%.

The FTSE 100 seems primed for another attack at the 5400 level, where it has found resistance previously. In truth however, as we head deeper into the summer months and traders vacate their desks for holidays, there is every chance the FTSE could be range trading until September.

Company earnings are coming in thick and fast and the general theme so far has been one of outperformance as opposed to disappointment, and this has invigorated appetite for risk.

Much of today’s advances are being dictated by gains in the Pharmaceuticals and mining sectors, whilst the banks have recovered from a late sell off in yesterday’s trading session.

AstraZeneca leads on buyback and FDA Brilinta approval

AstraZeneca shareholders cheered the company today after the pharmaceutical firm raised its EPS guidance for the year to $6.65, doubled its share buyback scheme and received approval from the FDA for its heart drug Brilinta. It’s been a day of good news and more good news for AstraZeneca share holders and as a result its shares, despite having rallied 3% this week already, are in high demand and lead the FTSE 100 winners list.

Reed Elsevier earnings beat expectations

Reed Elsevier shares traded strongly on Thursday after the company reported underlying revenue of £2.99bn, beating market expectations. The news prompted Numis to upgrade its price target on the stock to 550p, from 525p. The upgrade from Numis and the fact that Reed believe they have seen some encouraging sales signs which have helped it to return to revenues growth, has triggered strong demand in its shares, which have rallied 5% in the process.

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