London's FTSE 100 holds on to modest gains, up 11.28 points to 6609.46 amid thin volumes in a shortened Christmas Eve trading session. One of the morning's star turns is Smith & Nephew (SN.), the knee and hip replacement company, up 7.4% to £11.69 on revived speculation US orthopaedics devices peer Stryker (SYK:NYSE) is planning a takeover bid at a significant premium.

Commercial passenger aircraft lessor Avation (AVAP) rises 2.5p to 153.5p on news it has delivered its first aircraft to Air India Regional. The domestic arm of national carrier Air India is a new customer in a new geographical region for the group. You can read our Griller interview with Avation from October here.

India-focused Hardy Oil and Gas (HDY) slumps 20.1% to 66.5p on news it has consented to the relinquishment of the D3 exploration licence, which will lead to a $22 million write down of intangible assets in the current financial year.

Also in reverse is blood monitor maker Deltex Medical (DEMG:AIM), which plunges almost 30% to 5p after warning full-year sales will fall below market expectations if some transactions are not completed before the end of the year.

However Chariot Oil & Gas (CHAR:AIM) charges 12.7% higher to 8.9p on news the Moroccan authorities have approved its farm-out of a 25% interest in the Rabat Deep Offshore licence to Australia's Woodside, for which it has already received the majority of the funds.

Online retailer MySale (MYSL:AIM), backed by retail grandee Philip Green and billionaire Mike Ashley, is marked up 2.45% to 78.5p as CEO Carl Jackson buys almost £3 million worth of stock. This provides some reassurance following the flash sales site operator's recent profit warning.

Elsewhere, Turkish real estate investor Ottoman Fund (OTM:AIM) advances 28.3% to 29.5p. Investors welcome an £18.92 million or 14.04p per share return of capital following previous asset sales, as well as proactive steps to recover monies wrongfully taken by way of a fraud in its Turkish subsidiaries.

Issue Date: 24 Dec 2014