Arms manufacturer and defence engineer Chemring Group Plc (LON:CHG) was among Monday morning’s top stories, and its shares rose 9.8% to 142p, after it sealed a delayed contract.
The group told investors that a previously agreed deal to supply 40mm ammunition to a customer in the Middle East had now been giving the go ahead.
It comes after Chemring’s revenues and profits took a hit in the 2015 financial year, which ended in October.
Elsewhere, the ongoing oil price slump continues to serve up casualties.
Danish conglomerate Maersk is threatening to cut off Denmark’s largest gas field in 2018 as it weighs necessary investment to renew the field’s ageing infrastructure.
"Production from Tyra East and Tyra West in the Danish North Sea will cease on 1 October 2018, if an economically viable solution for continued operations is not identified during 2016," Maersk said in a statement.
Tyra is a Maersk led venture which also involves Shell (which owns 36.8% of the asset) and Chevron (12%). Maersk has a 31.2% stake.
Back in London - in the small cap sector - oil and gas was also in focus with particular attention on North America group Caza Oil & Gas and 88 Energy.
Caza, a once popular AIM share, could de-list in the near future. It was recently re-capitalised in a deal that saw the Talara Opportunities fund end up with 95% of the share capital.
Plans for a new capital reorganisation and a buy-back of minority shares is now planned, Caza revealed in a stock market statement. Caza shares fell 43% to 0.33p each.
Meanwhile, City broker Cenkos put the spotlight on 88 Energy (LON:88E) as it said the oil-bearing shale unearthed by a well in Alaska could rival Texas’s colossal Eagle Ford shale.
Jack Allardyce, analyst at Cenkos, described the HRZ shale found in the Project Icewine well as “a major new play” as he initiated a ‘buy’ recommendation for the AIM quoted explorer.
Although the analyst points out this remains early days for 88 Energy – and he holds back from giving an indication of 88 Energy’s potential value– Allardyce does say that it is one of the most exciting stocks listed in the UK.
A quick glance at any 88 Energy share price chart certainly backs up the assertion, as the stock is up some 800% in the year to date.