StockMarketWire.com - UK stocks opened stronger on Monday following the release of better-than-expected Chinese manufacturing data.

At 0850, the benchmark FTSE 100 index was up 48.98 points, or 0.7%, at 7.395.51.

Fashion retailer Ted Baker sank 8.1% to 365.4p on revealing that it had overstated the value of its inventory, to the tune of £20m-to-£25m based on a preliminary analysis.

Online retailer Ocado dropped 5.6% to £12.5146 as it launched a £500m convertible bond offering to fund developments in its technology business, Ocado Solutions, and for general corporate purposes.

Mining company Fresnillo reversed 3.1% to 559.8p as it narrowed its full-year guidance for production in 2019 to the bottom end of its previous range. It also touted improved silver but lowered gold output over the next three years.

Premier Oil rose 0.7% to 87.48p after first gas tarted flowing from its Bison, Iguana and Gajah Puteri project in the Natuna Sea offshore Indonesia.

The two-year project was delivered on schedule and significantly below budget, the company said.

Book publisher Bloomsbury Publishing gained 2.2% to 276p on news that it entered the domestic Chinese market by forming a joint venture with state-owned group China Youth Publishing.

Sirius Real Estate fell 0.6% to 80.5p after announcing that it had acquired an office complex in Hallbergmoos, near Munich Airport, for €20.2m from local investment company KCM Invest.

St. Modwen Properties shed 0.2% to 456.27p as it completed the sale of its interests in a student accommodation building at Swansea University for £38m.

Hospitality real estate company PPHE Hotel firmed 0.5% to £18.90, having announced the acquisition of a development site in central London for £12m, with a view to developing it into a hotel.

Disease and allergy test kit supplier Omega Diagnostics rose 4.3% to 10.43p, even as it swung to a first-half loss after it sold its legacy infectious disease division and closed its German and Indian manufacturing facilities.

Revenue fell 15% to £4.46m, though on a continuing operations basis, Omega's revenue rose 6%.

Telecom company software provider Pelatro fell 5.1% to 37.95p as it warned that it expected to fall short of its revenue expectations for the full year, due to the timing of contract wins.

Fuel cell developer Proton Power Systems added 6.0% to 22.25p on winning a contract to provide its technology to shipbuilding group Fincantieri.

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