The FTSE 100 makes modest gains in early trade on Monday following a mixed session in Asia as oil prices slid and markets in China, Hong Kong and Taiwan are closed. The FTSE 100 index edges around 24 points higher to 6,169, matching gains seen across many of Europe's major indices.
Chemring (CHG) rallies 7% to 139.63p as it confirms the start of a 40mm ammunition contract to an end user in the Middle East. The deal, referred to in the company's 21 January results, has the required letter of credit in place and advance payment now having been received.
Iconic retailer Marks & Spencer (MKS) tacks on 1.6% at 413.6p as broker Peel Hunt upgrades its recommendation and price target from 'hold' to 'buy' and from 400p to 450p respectively. New CEO Steve Rowe, tasked with revamping clothing ranges and maintaining food's strong performance, faces City analysts and investors for the first time on Thursday, when the high street bellwether unveils fourth quarter results.
Housing maintenance contractor Lakehouse (LAKE:AIM) falls 4.5% to 48.5p as the company sends a letter to shareholders setting out why they should reject all the resolutions proposed by requisitionists.
Oil explorer Caza Oil & Gas (CAZA:AIM) crashes nearly 40% to 0.35p as it calls special meeting of shareholders to consider a proposal by Talara Opportunities, its majority shareholder, to take the company private at a cash price of $0.00481 a share.
Demand for rental accommodation drove a 25% rise in pre-tax profit to £2.2 million in 2015 at Belvoir Lettings (BLV:AIM). Shares move 11.9% higher to 103.5p, despite the dividend remaining flat at 6.8p for the year.