Rising banks and oil stocks, along with an upbeat start on Wall Street, helped Britain's FTSE 100 index stay in positive territory this afternoon countering weakness for drug giant GlaxoSmithKline.
Europe's biggest drugmaker said at a research meeting it had 20 potential $1 billion-a-year blockbuster drugs in development but the shares still fell 1.9 per cent to 1,305 pence.
The broader market managed a small gain, with the FTSE 100 benchmark index up 11.4 points at 4,390.3 by 15:00 GMT, off a session trough of 4,373 points. In New York, the Dow Jones industrial average climbed 0.6 per cent in early trade.
Most banks showed a small gain and the sector contributed seven points to the FTSE's rise as it bounced back from Tuesday's difficult trading, while oil stocks such as BP and Shell were also slightly higher.
Car parts maker GKN was also driven higher, up 4.1 per cent, after figures showed U.S. new car and truck sales rose in November from a weak October.
On the downside, United Utilities saw its shares fall 2.5 per cent. The owner of water, sewerage and electricity networks said a rights issue may be on the cards should it decide to buy gas assets coming up for sale next year, and unveiled profit growth at the top of analysts' expectations.
IT services firms iSoft and Torex, which are due to merge, also struggled. Shares in both fell about four per cent as jitters surfaced before several UK local service providers announce winners to run the IT infrastructure for their healthcare services.
Dealers said decisions from some local authorities may emerge soon. The companies declined to comment.