London shares start the week on the back foot in early trade on Monday after the Bank of International Settlements (BIS) warned of a 'gathering storm' in the global economy. In its latest quarterly report Swiss-based bank BIS said the global economy could spiral downwards as markets lose faith in the 'healing powers' of central banks.
The UK's benchmark FTSE 100 index slides around 40 points, or 0.6%, to 6,159, taking midcaps and smaller company indexes with it. Selected large cap miners head the Footsie loser board, with Anglo American (AAL) leading the way, off 5% at 562.6p, followed by Randgold Resources (RRS) and Glencore (GLEN).
On the up side, and heading the Footsie leaders, is Anglo-South African life insurer and asset manager Old Mutual (OML). Its' shares shoot up 8.4% to 194.8p on reports management is planning to sell parts of the business. More details are expected in Friday’s prelims.
Airline minnow Fastjet (FJET:AIM) slumps 45% to 36.5p as it warns that results for 2016 will be materially below market forecasts and the group no longer expects to be cash-flow positive for the year.
Medical technology specialist Inspiration Healthcare (IHC:AIM) gains 5.1% to 51p on receiving approval to sell neo-natal resuscitation device Inspire rPAP in Europe after securing approval from the regulator.
E&P Premier Oil (PMO) gains 9.9% to 49.17p after a report in the Financial Times over the weekend quotes chief executive Tony Durrant on unprecedented plans for increased collaboration between North Sea operators which could reduce costs.
Franchised motor retailer Cambria Automobiles (CAMB:AIM) speeds 5.7% higher to 83.5p on news trading in the first five months of the financial year has been 'substantially ahead' year-on-year. Cambria also flags good growth in its new car order book in the opening week of March.
Mobile gaming company Nektan (NKTN:AIM) falls 4.6% to 78p on news it is raising up to £2.9 million in a share offer and subscription which it will use to support its growth in Europe and its casino-based joint venture in the US. Last month the £18.6 million cap said full year revenue will be significantly lower than expected due to a delay in the acceleration of a £7 million contract.