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UK stocks pushed higher in early trade on Monday, buoyed by global recovery hopes, even as online fashion retailer Asos tumbled on a shock profit warning.
At 0824, the benchmark FTSE 100 index was up 21.39 points, or 0.3%, at 7,116.94 as investors continue to weigh signs of an economic bounce back with inflation fears.
Asos plunged 16% to £23.50 after it reported a 36% rise in annual profit, but forecast a much weaker profit this fiscal year hit by cost pressures.
Asos also announced the departure of long-serving chief executive Nick Beighton, with finance chief Mat Dunn to manage day-to-day operations until a new CEO is found.
AstraZeneca edged up less than 0.1% to £88.9465 on news that a late-stage trial showed its antibody treatment for Covid-19 reduced the risk of severe symptoms or death by 50% in non-hospitalised patients.
Electrical components supplier XP Power rose 0.5% to £50.2228, having posted an 11% fall in first-quarter revenue, but orders jumped and it increased its dividend for the period.
XP Power declared a third-quarter dividend of 21p per share, up from 20p year-on-year, and said its full-year earnings expectations remained in line with market forecasts.
Banknote authentication group Spectra Systems jumped 5.2% to 162p as it upgraded its profit guidance after one of its long-time central bank customers for banknote security materials placed a new yearly order.
Food and beverage ingredients supplier Treatt firmed 1.5% to £10.50 on announcing that it expected its annual revenue to rise around 14%, helping it to meet its recently upgraded earnings guidance.
Exosome therapeutics developer ReNeuron rallied 14% to 108.45p after it recorded positive data for drug-delivery technology that could help treat several neurological diseases.
Networks company CyanConnode added 3.3% to 12.65p, having reported higher revenue in the first half of the year as new business wins boosted performance.
Computer-vision technology company Seeing Machines advanced 7.6% to 9.84p following news that it had signed an agreement with Royal Dutch Shell for the provision of its driver distraction and fatigue technology.