The FTSE 100 gets off to a solid start on Monday – a smidge higher at 7,368.98 – after hitting its highest levels since February at the end of last week.

Support services firm Capita (CPI) gains 13% to 180.75p as the market demonstrates relief the company is addressing its financial problems with a £701m fully underwritten rights issue. Impairments saw 2017 pre-tax profit widen to £513.1m from £89.8m a year ago, while underlying profit was up 43% to £383m.

The deeply discounted rights issue is said to form a key component of a transformation plan to 'provide Capita with a sustainable capital base to support its clients and operations’.

Today’s rise can be seen in the context of a 56% year-to-date decline in the shares.

Shipping firm Clarkson (CKN) warns that profits for both the first half and the full year are expected to be materially below those of last year following a challenging environment in shipping and offshore capital markets. The firm, which trades nearly 30% lower at £21.85, cites lower freight rates within the tanker market and a fall in the value of the US dollar as additional headwinds which could weigh on performance.

Engineering firm Rotork (ROR) is 7.2% higher at 320.3p as revenue increases by 10.2% in the first quarter amid 'favourable market trends' and the winning of several orders. The company says order intake is up 20.9%, or 27.0% on a constant currency basis and sees full year margins slightly ahead of the previous year.

Diamond miner Petra Diamonds (PDL) gains 5% to 68.15p as it posts a 44% increase in third quarter revenue as it produces and sells more gems.

Nano materials manufacturer Nanoco (NANO) says it has signed a second agreement with a US partner that included new terms around milestone payments and funding. The shares advance 13.8% to 42p.

Business-to-business digital music specialist 7Digital (7DIG:AIM) gains 8% to 4.38p as it notes first quarter turnover is ‘slightly ahead of budget’ and reports contracts worth £2.3m were agreed in the period.

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Issue Date: 23 Apr 2018