London's FTSE 100 drops back sharply on Monday, off 67.27 points to 6655.35 with another big oil price drop and weakness in metal prices after dull Chinese factory data piling on the pressure. The E&P sector remains under pressure following the OPEC-inspired collapse in crude oil prices, with FTSE 100 constituent Tullow Oil (TLW) down 7.2% at 395.5p and AIM-quoted Petroceltic (PCI:AIM) falling 31.9% to 118.5p as Turkmenistan-based producer Dragon Oil (DGO) pulls out of a mooted 230p a share bid for the company citing 'prevailing market conditions'.

Petroceltic's share price prior to today's announcement suggested the market wasn't entirely confident the deal, first announced on 6 October, would go through at 230p but the decision of Dragon to walk away entirely clearly came as a shock. In response Petroceltic says: 'It is noteworthy that the company's flagship gas condensate project in Algeria, which is expected to start production in 2018, is unlikely to be affected by the current volatility in crude oil markets, given the forecast level of oil prices at that time. Additionally, the majority of Petroceltic's current production is sold at a fixed gas price in Egypt, and is therefore unaffected by short-term oil price volatility.'

Kazakh oil play Roxi Petroleum (RXP:AIM) slumps 29.7% to 8.88p as it continues to face delays on running a 30 day test of its A5 well. The initial results (9 Jul) from A5 sparked excitement but technical issues are preventing the group from proving up its potential with drilling fluid and equipment stuck in the well.

Unloved construction group Balfour Beatty (BBY) rebounds more than 6.4% to 195.1p after receiving receiving a £1 billion offer for its investment arm from FTSE 250 roads-to-schools investor John Laing Infrastructure Fund (JLIF). Read our story here.

Filtration expert Porvair (PRV) rises 4.9% to 266p. In a trading update, the business, which is a market leader in lab-based water analysis equipment, says it is on course for record revenue for the 12 months to end-November. Profit is ‘marginally ahead’ of expectations, it adds.

Fund management giant Aberdeen Asset Management (ADN) posts a marginal full-year earnings ‘beat’, helping it rise 8.2p (1.8%) to 458.1p. Analysts at Banco Espirito Santo reckon the numbers, which include earnings per share at 31.1p and profit before tax at £490.3 million, are around 1.5% ahead of consensus estimates.

Smurfit Kappa (SKG) edges up 0.2% to 18.59p after Fitch upgrades the paper-based packaging producer from BB to +BB. The rating agency says operating performance has improved in 2014 and forecasts low-single-digit top-line growth in 2015 with earnings before interest, taxation, depreciation and amortisation (EBITDA) benefitting from ongoing cost savings.

Boutique hostel operator Safestay (SSTY:AIM) climbs 2.86% to 54p on news it has secured a 50 year lease for a new 380 bed hostel in Holland Park. The company, which has hostels in London's Elephant & Castle and York, intends to open a further 25 sites over the next few years.

Issue Date: 01 Dec 2014