Today's curtailed New Year's Eve trading session begins on a modestly positive note despite weak Chinese manufacturing figures overnight.

At the open the FTSE 100 is a smidge higher at 6,734.64, consolidating the big gains achieved in Friday's recovery rally.

For 2019 as a whole the picture is set to be a lot less encouraging, barring something truly remarkable before lunch.

The UK stock market's flagship index looks set to be down around 12% on the level it opened the year at.

As the table shows, the only major stock market indicies to show a positive return are Brazil's Bovespa Stock Index, which reflects perceived market-friendly political changes in the country, and India's S&P BSE 100 index.

Index%chg since 31/12/17
Bovespa Stock Index (Brazil)11.9
CAC 40 (Paris)-11.5
CSI 300 Index-25.3
DAX Xetra (Germany)-18.3
Dow Jones Industrial Average-6.7
Euronext 100-11.8
FTSE 100-12.5
Hang Seng (Hong Kong)-13.6
NASDAQ 100-1.74
Nikkei 225-12.1
Russian Trading System Index-7.13
S&P 500-7.03
S&P BSE 100 Index (Mumbai)1.11
SSE Composite Index-24.6
Swiss Market Index-10.2
Source: SharePad 31 December 2018

Unsurprisingly there is a dearth of major company news today.

Israeli tailor Bagir (BAGR:AIM) falls 16.2% to 1.55p as it announces that it is taking more time than first envisaged for Shandong Ruyi to receive Chinese Government approval for its proposed $16.5m investment into the company in return for 53.7% of the company's enlarged share capital.

Bagir is trading in line with management expectations for the 12 months to 31 December 2018. As anticipated, trading in the second half has been stronger compared to the first six months, with the company recording a profitable third and fourth quarter.

Udi Cohen, chief financial officer, has decided to leave the company from March 10, 2019, to pursue his other business interests. Dotan Levy currently group financial controller will take on the role of acting chief financial officer. Levy will not become a director of the company at this time.

North Sea oil producer Serica Energy (SQZ:AIM) gains 4.6% to 125.5p as it announces the spud of the ENI UK Limited operated Rowallan exploration well 22/19c-G in which it has a 15% interest.

The well is targeting the high-pressure, high-temperature gas condensate Rowallan prospect, which comprises a significant structural fault and dip-closed trap in the east of Block 22/19c in the Central North Sea. The Ensco 121 heavy duty jack-up rig is being used to drill the well.

Serica is fully carried for the costs of the exploration well, which is expected to take around 140 days to drill. A further update will be provided once the well has reached target depth and initial results are known.

Elsewhere in the sector Cabot Energy (CAB:AIM) dives 37.7% to 0.95p as it reveals plans for an emergency fundraise.

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Issue Date: 31 Dec 2018