London shares are on the rise gain in early trade on Monday as investors take a measured view of lingering concerns about China's economic outlook, Middle East tensions and a global glut of crude oil. The benchmark FTSE 100 index nudges around 15 points higher to 5,925, although key stocks indices in Europe remain mixed.
Recruiters Hays (HAS) and Michael Page (MPI) are among the bigger fallers as a trading update from peer Robert Walters (RWA) shows UK white collar recruitment under pressure in the fourth quarter. Hays loses 2.6% to 133p and Page sheds 1.6% to 445p. Walters is up 0.2% thanks to strong performances from new offices in Asia.
Among the bigger movers, Falkland Islands oil explorers Rockhopper (RKH:AIM), Falklands Oil & Gas (FOGL:AIM) and Premier Oil (PMO) are up 15.5% to 28p, 12.9% to 8.24p and 1.7% to 30.5p respectively as the Isobel Deep well in the North Falklands basin yields an oil discovery.
Communications minnow Satellite Solutions Worldwide (SAT:AIM) jumps 15% to 4.75p as it signs a contract with BT (BT.A) to become one of the satellite broadband retail service providers for the UK Government scheme to offer subsidised satellite broadband to homes and businesses with internet connections of less than 2MB.
Legal services marketing specialist NAHL (NAH:AIM) is up 3.4% to 229.75p as it announces the acquisition of conveyancing search firm Searches UK for just over £2 million. The market welcomes diversification away from its core personal injury business which is seen as a victim of proposed changes to whiplash legislation.
Franchised motor retailer Cambria Automobiles (CAMB:AIM) steps on the gas again, the shares up another 5.8% to 86.5p. Investors welcome the immediately earnings enhancing £10.8 million acquisition of a Land Rover franchise in Welwyn Garden City, complementing Cambria's Jaguar and Aston Martin site nearby in a move strengthening the group's premium and high luxury motor representation.
India-focused fashion website Koovs (KOOV:AIM) sparks up 8.5% to 25.5p on news sales surged 210% higher to £2.96 million over the 14 weeks to 3 January. Appointed on 1 October, new CEO Mary Turner has made a big impact in her early days in the role, with revenues rocketing following Koovs' first brand marketing campaign. Koovs also says it is in the final stages of a £4 million fundraising, one backed by directors in a sign of confidence in the business.
Estate agency Savills (SVS) trades 5% higher at 886.7p on 2015’s results beating expectations thanks to it closing ‘significant’ commercial property deals towards the end of the year. Full-year results are due on March 10.
Drug delivery specialist Skyepharma (SKP) rises 3.8% to 407.2p on 2015’s revenues beating expectations thanks to a £7.4 million milestone payment from licencing partner Mundipharma linked to sales of asthma therapy flutiform.