The FTSE 100 gains 0.7% in early trading to 7,348.70 after the US senate signed off on US corporate tax cuts over the weekend. Companies with substantial US revenue see the biggest benefit with building materials firm CRH (CRH) up 2.6% to £26.11, cruise operator Carnival (CCL) up 2.4% to £48.79 and equipment hire play Ashtead (AHT) up 2.4% to £19.49.
Car seller Pendragon (PDG) gains 5% to 26.5p as it unveils a strategy update. Key features include the start of a sale process on its US division which it believes could fetch £100m, a further £100m benefit from a scaling back of its new car business in the UK, focus on expanding in used cars and the resumption of its share buyback programme.
Coach operator National Express (NEX) motors 2.6% higher to 374.1p as it reports strong autumn trading and a positive start to the festive season. The group also announces two small acquisitions in Ohio and Madrid.
Mining giant Rio Tinto (RIO) ticks up 0.9% to £35.35 as it announces the appointment of current non-executive director Simon Thompson as chairman with effect from 5 March. He takes over the role from Jan du Plessis who has been in the role for almost nine years.
Life sciences minnow TyraTech (TYR:AIM) gains 100% to 2.75p as it reveals a plan to focus on its animal health products and the sale of its human lice products brand Vamousse to Alliance Pharma (APH:AIM) for $13m. Some $8.5m of the proceeds is to be returned to shareholders.