The UK equity market started the final trading session ahead of the Christmas festivities on a positive note, with both the blue chip FTSE 100 index and the mid-cap FTSE 250 index moving higher.
This followed on from a broadly positive showing from US markets, with the Dow Jones Industrial Index, the S&P 500 and the Nasdaq Composite all finishing in positive territory.
However China stocks closed lower as new energy and machinery shares tumbled, while a local outbreak of COVID-19 weighed on some business operations and investor sentiment.
The blue-chip CSI300 index fell 0.6% to 4,921.34, while the Shanghai Composite Index lost 0.7% to 3,618.05 points.
At 8.40am the FTSE 100 and the FTSE 250 were both 0.19% higher at 7387.60 and 23,312.12 respectively.
MARKET NEWS
Shares in digital services business Capita (CPI.L) moved 1.4% higher to 37.59p after announcing that it had agreed to sell its AMT Sybex software business to Jonas Computing in a deal worth up to £40 million.
AMT Sybex provides critical utilities and infrastructure software in the UK.
Under the terms of the deal, Jonas would pay £23 million on completion, which was scheduled for 1 January 2022.
This disposal is part of Capita’s to raise £700 million by next June from the sale of non-core businesses to strengthen the balance sheet and focus on its two core divisions, Capita Public Service and Capita Experience.
Consumer goods company Reckitt Benckiser (RKT) said it had entered into an agreement to sell its E45 brand and related sub-brands to Karo Pharma for an enterprise value of £200 million.
The proposed sale, if completed, would be another 'step forward in Reckitt's plan to actively manage its portfolio for higher growth, following the recent divestments of its IFCN business in China and its Scholl brand, as well as the acquisition of Biofreeze,' the company said.
Subject to the satisfaction of those conditions, the proposed sale of the E45 business was expected to close in the second quarter of 2022.
Shares edge 0.1% higher to £62.68 to on the news.
Shares in TV distributin and production group DCD Media (DCD:AIM) traded flat at 185p, after it reported an increase in first-half profit, as lower costs offset a fall in revenue.
The group maintained its underlying performance was consistent with that in the year-earlier period, and also in line with management expectations.
For the six months ended 30 September 2021, pre-tax profit rose to £262,000 from £240,000, while revenue fell to £5.6 million from £5.8 million year-on-year.
'Strong trading was also driven by some specific high-level sales such as a major licensing deal for The Secrets She Keeps with the confirmed pre-sales to the BBC UK and Sundance Now in the US,' the company said.
Residential property developer Trafalgar Property Group (TRAF:AIM) reported wider first-half losses as turnover fell owing to the pandemic impact.
For the six months ended 30 September 2021, pre-tax losses widened to £338,139 from £16,699 a year earlier as turnover fell to £390,139 from £1.3 million
'The results for the year for the six months to 30 September 2021 are disappointing,' the company said.
Shares were flat at 0.73p.
Shares in defence company Babcock International (BAB) traded 0.6% higher to 320.6p after announcing that it has disposed of its power business to M Group Services for £50 million.
Babcock's power business provided engineering services in the UK overhead line electric transmission and distribution industry.
