FTSE 100 movers: Int'l Power up on Indonesian agreement

2nd Mar 2012 14:02

Electricity group International Power (IPR) raced into the top spot after itself and French utilities firm GDF SUEZ (which owns 70 percent of IPR) announced that IPR-GDF SUEZ Asia has signed 30-year power purchase agreements (PPAs) for two 220MW geothermal projects with the Indonesia state-owned utility, PLN. IPR-GDF SUEZ Asia has a 35% interest in the projects, and will work alongside project partners PT Supreme Energy and Sumitomo Corporation. Hedge fund manager Man Group continued to rise one day after unveiling a more generous dividend policy and a slow-down in the net outflow of funds. Real estate investment trust Hammerson was also a top ten riser after announcing plans to dispose of its freehold for 54-60 rue du Faubourg Saint-Honoré in Paris. The company has exchanged contracts with Ramsbury AB to sell the site for €165m, slightly above its December 2011 book value. Engineering group IMI was also on the up as it raised its full-year dividend by 15% after seeing double-digit growth in both revenues and adjusted profits in 2011. Meanwhile, pharmaceuticals giant GlaxoSmithKline (GSK) fell despite saying that it expects to create the number one vaccines company in Japan after forming a joint venture (JV) with Japanese peer Daiichi Sankyo. Telecoms giant Vodafone and BT were also among the fallers after Goldman downgraded its recommendation for the sector from overweight to underweight. Vodafone may also be weighed down by yesterday's confirmation by Tata Communications that it is in discussions with Cable & Wireless Worldwide, a firm that Vodafone is also interested in. FTSE 100 - RisersInternational Power (IPR) 360.40p +2.94%Man Group (EMG) 151.70p +2.85%Barclays (BARC) 258.20p +2.81%IMI (IMI) 994.50p +2.53%Essar Energy (ESSR) 111.70p +2.10%British Sky Broadcasting Group (BSY) 687.50p +1.93%Lloyds Banking Group (LLOY) 35.26p +1.39%WPP (WPP) 836.00p +1.03%International Consolidated Airlines Group SA (IAG) 164.30p +0.92%Hammerson (HMSO) 402.50p +0.78%FTSE 100 - FallersKazakhmys (KAZ) 1,019.00p -4.05%Admiral Group (ADM) 1,057.00p -3.56%GKN (GKN) 218.90p -1.62%Smiths Group (SMIN) 1,077.00p -1.55%Experian (EXPN) 941.00p -1.52%Amec (AMEC) 1,106.00p -1.43%Intertek Group (ITRK) 2,317.00p -1.40%Capita (CPI) 753.50p -1.37%Next (NXT) 2,733.00p -1.30%Tate & Lyle (TATE) 699.00p -1.13%NR