The FTSE 100 started the week off on the front foot with more gains for London’s leading index as sentiment remained high after a better session in the US on Friday.

Investors will be delighted to see the FTSE 100 notch up another 0.4% gain, bringing the index within touching distance of 8,200 and another fresh record high.

“The FTSE 100 has clearly had its Ready Brek as the blue-chip index continues to glow and sustain energy that we haven’t seen in the UK market for a long time,” said Russ Mould, investment director at AJ Bell.

After a robust earnings week last week, better-than-feared US inflation data has helped maintain the upbeat mood with more earnings are expected this week. 

“Sentiment is upbeat at the start of the week, fuelled by relief that inflationary pressures in the US aren’t as bad as feared, and hopes return that a ceasefire could be negotiated in the Middle East. The FTSE 100 has scaled fresh heights, with another sprint higher in early trade. April has been a record-breaking month for the blue-chip index, with a glass-half full sentiment dominating,” said Susannah Streeter, head of money and markets, Hargreaves Lansdown.

“The Footsie has gained more than 11% over the last six months, with super-patient investors finally rewarded by this spurt of growth.”

Improving geopolitics is playing a part in Monday’s equity rally as tensions subside. 

“Investor optimism has been buoyed by a rally on US markets on Friday, and developments in the Middle East. Negotiators from Israel and Hamas expected to meet in Egypt, while US Secretary of State Antony Blinken ups diplomatic efforts at the World Economic Forum in Riyadh, Saudia Arabia,” Streeter said.

Anything positive from the Middle East is feeding directly into stocks currently because the risk premium built into oil is diminishing, which is easing inflation concerns. 

Monday’s gains were broad, with most industry sectors rising. Frasers Group was the best performer with a 2.5% gain.

Petrofac shares were down heavily on Monday after the energy EPC company said its shares would be suspended due to a delay in the publication of its annual report.

Petrofac shares were down around 24% after the company announced it was engaged with the FCA regarding a short delay in publishing the full-year 2023 results, which will now be published on 31st May 2024. Petrofac shares will be suspended from 1st May 2024.

Alongside the suspension notice, Petrofac announced a trading statement and update on financing, which did little to support Petrofac shares.

Petrofac has secured an additional $300m in financing from secure note holders as it pursues asset sales to improve its financial position.

In a trading statement issued on Monday, Petrofac said EBIT would be around $15m to $20m lower, but its financial performance for the year ending 31st December was otherwise broadly in line with what had already been announced.

“The Board and management are focused on arriving at a comprehensive refinancing solution as quickly as possible. We are encouraged by the engagement with the ad-hoc group of noteholders, which we hope demonstrates momentum in this complex process,” said René Médori, Chairman of Petrofac.

Zenova Group shares jumped in early trade on Monday after announcing a new deal for the supply of their fire-protective paint.

Zenova Group, a fire suppression and interdiction solutions company, has secured a substantial two-year contract with Drips and Sparks Ltd. The contract entails the supply of 200,000 litres of Zenova’s FP coating, which will be applied to steel surfaces at various project sites of Gracewood Construction Ltd in the UK.

The order, valued at £2.4 million, will be paid in equal monthly instalments against deliveries to specified sites. This sizable contract follows a successful 12-month trial period with Drips and Sparks, facilitated by Zensafe Ltd, one of Zenova Group’s major sub-distributors in the UK.

Zenova shares were 26% higher at the time of writing.

“This is a major contract win for our FP paint,” said Thomas Melchior, CEO of Zenova Group.

“In addition to a significant effort from our sales team working alongside Zensafe, winning this is also the result of the Company’s now well-engaged strategy of focusing on validating and aggressively marketing our best-in-class fire suppression products through a streamlined B2B distribution model.

“Securing a contract of this size further demonstrates the value-add of Zenova and its suite of high performance products, as we bring solutions to global needs. I fully expect our team to continue to deliver new business across all of our paint and extinguisher products, and look forward to updating the market on those developments in the near-term and beyond.”

Personalised marketing SaaS company Eagle Eye has landed a major one-year deal with Tesco, Britain’s biggest supermarket chain. The contract, with an option to extend for another year, will see Eagle Eye’s AI-powered Personalised Challenges platform integrated into Tesco’s Clubcard program.

The Personalised Challenges solution is a digital gamification platform that serves customised promotions and “challenges” tailored to each customer’s shopping habits. Leveraging advanced AI and machine learning, it hyper-personalises offers by analysing reams of customer data.

After a successful trial that exceeded expectations on participation rates, Tesco is now rolling out the rebranded “Clubcard Challenges” to its millions of Clubcard members. Each customer will receive bespoke, gamified offers and promotions designed to incentivise incremental purchases.

“It’s a privilege to be working with Tesco, one of the world’s great retailers and an acknowledged leader in customer loyalty, to usher in its next stage of personalised promotions,” said Tim Mason, CEO of Eagle Eye.

‘This win underlines the power of the EagleAI solution, capable of creating and delivering millions of hyper personalised marketing messages, and our position at the forefront of personalised marketing.”

Tekcapital shares were 4% higher on Friday after the company announced that its portfolio company, Innovative Eyewear, had placed its ChatGPT-enabled smart eyewear in ten New Look stores in Canada and on newlook.ca.

New Look is the largest optical group in Canada and has over 450 stores across the US and Canada. With Innovative Eyewear being placed in ten stores initially, the scope for expansion across New Look’s portfolio is material.

Harrison Gross, CEO of Innovative Eyewear said:

 “We are thrilled to introduce our frames to Canadian eyeglass customers on the market-defining New Look website as well as in several of their beautiful stores in Montreal. When you enter a New Look store, you know you are in for an eyewear experience like no other. This is clear from the moment you meet their incredible staff, expansive selection of quality frames, and attention to detail in both their online and in-store experiences. We look forward to introducing their clientele to our innovative and unique smart frames.”

Today’s news follows the announcement of football pundit Micah Richards’ appointment as a Lucyd brand ambassador and new patent filings for a range of smart safety glasses.

Innovative Eyewear recorded more revenue in Q4 2023 than the prior three quarters, and recent announcements suggest this momentum will carry over into Q1 2024.