BAE Systems PLC (LSE:BA.) climbed 8% to 747p as the defence contractor is seen as being one of the few beneficiaries from the conflict in Eastern Europe.
Broker Berenberg believes nations around the world will continue to increase investment into their militaries and defences.
It upgraded its outlook for BAE Systems, arguing increased defence spending was expected as countries look for safety, with investors likely to follow to avoid the turmoil of traditionally strong equities.
The broker also believes a share buyback could be on the cards in the first half of 2022 as improving margins and programme execution were transitioning BAE into an “increasingly cash generative business.”
15:20pm: Hurricane Energy hopes to benefit from rising oil
Shares in Hurricane Energy PLC (LSE:HUR) climbed 10% on the back of rising crude oil prices, boosting the company’s chances of escaping its debt problem.
That would be despite the company producing just under 10,000 barrels of oil a day from its Lancaster field, which was below previous expectations.
Trading at just over 9p on Monday, Hurricane shares are up some 135% in 2022 to date.
Brent crude was priced above US$130 per barrel today as the market priced in escalating tensions and sanctions against Russia, as the Biden administration reportedly began contemplating a ban on Russia crude imports.
14:55pm: Raven Property rockets, mirroring Russian stocks rebound
Raven Property Group Ltd became the latest Russian stock to experience a substantial bounce back following the immense selloff in the previous 12 days since Russia first invaded Ukraine.
The warehouse and commercial office space provider surged 93% to 11p but is still far off its 24.3p price when Putin ordered his troops to attack Ukraine.
Evraz PLC, which predominantly mines in Russia, and Russian-based gold mining Petropavlovsk PLC (LSE:POG) gained 52% and 40% respectively during Monday afternoon’s changing of hands.
Polymetal International PLC (LSE:POLY) skyrocketed over 700% on Monday morning before a London Stock Exchange review came into place, which brought the rise in price to 17%.
13.49pm: Ovoca soars on softer than expected impact from Russian operations
Ovoca Bio (AIM:OVB) PLC is one of Monday’s biggest climbers, gaining 44% to 13p.
The biopharmaceutical company’s Russian-based subsidiary, IVIX LLC, which accounted for 10% of its cash flow last year, is not state-funded and as a result, isn’t currently facing any international sanctions.
It also reiterated that none of its board members or substantial shareholders is on the list for any potential sanctions.
Most of its US$9.5mln cash position is also held in UK, Irish and Australian banks.
12:50pm: Plexus suspends Russian activities which sees shares fall
Plexus Holdings PLC (AIM:POS) fell 12% to 4p following suspension of activities with Gusar, its Russian license partner.
The company said that the suspension of these activities, which involve Gusar supplying the Russian and CIS markets with its POGGRIP rental exploration equipment should have no material effect on performance for the remainder of the year, which the board expects to be in line with expectations.
It did, however, state that it will incur related negative cash-flow of about £650,000 which is related to a “combination of pending royalties and planned advance stage payments for wellhead equipment which as a result of the situation are now currently uncertain.”
12:15pm: Polymetal skyrockets to recover some of the losses incurred since the start of the invasion
Polymetal International PLC (LSE:POLY) skyrocketed over 700% in Monday morning’s changing of hands before a London Stock Exchange review came into place.
The exchange voided all transactions in the Anglo-Russian miner between 8.41am and 9.02am.
Shares briefly touched 1,400p, but as the afternoon began shares rose just 18% to 200p.
The FTSE 100 company is close to being booted from the UK’s 100 most valuable companies as Russia’s continued invasion of Ukraine triggered an 82% plummet since the first invasion day.
11.25am: Cadogan Petroleum halts Ukraine-related production
Cadogan Petroleum PLC (LSE:CAD) fell 12% to 2p after announcing it suspended its production operations in Ukraine.
The oil and gas company said it took the decision to ensure the safety of its employees and their essential needs.
The London-listed company also added that “all measures have been taken” to secure its assets, and it will continue to monitor the situation closely.
8.35am: Amigo rises after following friendly note from regulator
Amigo Holdings PLC (LSE:AMGO) shares leapt from their recent lows, more than doubling to 5.6p, after the UK financial watchdog said it does not currently plan to oppose the guarantor lender's schemes of arrangement and set out the conditions by which it could restart lending again.
The Financial Conduct Authority (FCA) sent a letter after market close on Friday to Amigo, providing an update on its position, after carrying out an assessment of the schemes and their compatibility with its rules.
Having perused the documentation and supporting evidence ahead of a court decision, the FCA said its current position is that "it does not presently intend to appear by counsel at the convening hearing and does not anticipate, at this stage, that it will oppose the schemes or have further direct engagement with the court at the convening hearing".
In relation to Amigo's proposed return to lending, the FCA said this would need to be subject to varoius conditions being met, and as for potential fines, the watchdog confirmed that it may still consider a financial penalty is appropriate, but will take into account the priority of scheme creditors "to ensure any fine does not impact the amounts payable to creditors under the schemes".