London shares put in a strong showing in early trade on Monday as markets rebound, after a heavy sell-off the previous session, as sentiment recovers over the weekend following stimulus measures in China. The benchmark FTSE 100 is up around 60 points, or 0.9%, at 7,057 in early deals, with mining stocks leading the charge, including a 3.2% rise for Anglo American (AAL) to £10.43, heading the Footsie leader board. Housebuilder Persimmon (PSN) is the day's biggest Footsie faller, losing a little more than 1% at £17.13.
Oil services outfit Petrofac (PFC) is a hefty loser on Monday, down 12.2% to 890.5p, as it says it will have to recognise a further $195 million loss associated with the Laggan-Tomore gas plant project in Shetland in 2015. Read Shares web story here, 'Petrofac credibility in the mud.'
Computer-aided design software specialist AVEVA (AVV) nudges a fraction higher to 16.04 as it calms investor concerns over recent trading. The group, which is heavily exposed to the oil industry, confirms that full year figures in be inline with market forecasts, with the board flagging the resilience of the business given the trading difficulties over recent months.
Grocery giant Tesco (TSCO) ticks 0.75p lower to 235.95p ahead of Wednesday's annual results, expected to show a loss of up to £5 billion after write-offs and charges.
Among the bigger moivers, in a continuation of last week's rally, Kibo Mining (KIBO:AIM) advances a further 48.1% to 6.85p after signing a joint development agreement for its Rukwa coal-to-power project. Chinese engineer SEPCO III is to spend up to $3 million to complete definitive feasibility study work by October this year.
Going the other way, Shanta Gold (SHG:AIM) tumbles 13% to 7.5p despite swinging into the black last year, as investors continue to sweat over reworked mine plans for the Bauhinia Creek and Luika Pits.
Frontera Resources (FRR:AIM) jumps 9% to 1.2p as it unveils a progress report at its Mtsare Khevi gas complex and Taribani field complex in Georgia and completion of independent resource assessment reports.
Cancer fighting technology firm Advanced Oncotherapy (AVO:AIM) slumps 17% to 11.75p as it puts the mockers on recent speculation that had sparked a near-tripling of the share price in less than a month. Having noted the sharp share price rise, it denies any fundamental reason, although admits to thinking about raising new funds for further development of its first proton therapy LIGHT machine.
Strong trading prompts an update at industrial components manufacturer Trifast (TRI), helping it 4.4% higher to 108p. Results for the full year, to be announced on 16 June, are now expected to be at the top end of expectations.
Video game outsourcer Keywords Studios (KWS:AIM) gains 6.2% to 163p on a share tip in the Daily Mail’s MIDAS column.
Cameroon gas producer Victoria Oil & Gas (VOG:AIM) is up 6.4% to 79p after news broke late Friday that supply to industrial customers in the country has shot up after increased production to feed the Bassa power station. Output has risen to a weekly average of 9.4 million cubic feet per day - up 114% from the beginning of the year.