Drax shares drop on RBC Capital downgrade
20th Aug 2015 10:49
(ShareCast News) - Drax was under pressure after RBC Capital Markets cut its stance on the stock to 'underperform' from 'sector perform' and reduced the price target to 270p from 300p. "Dark green spreads continue to decline, clarity on state aid clearance for the third biomass unit contract for dif
Read moreFTSE 250 movers: Virgin Money leads index, Saga hit by Acromas sale
28th Jul 2015 14:38
(ShareCast News) - The FTSE 250 index started strongly on Tuesday morning and held steady through the afternoon, led by encouraging results from several UK companies. London's second-line index was up 0.77% at 17,400.05 by 15:10 on Tuesday afternoon. Virgin Money's shares were the strongest perform
Read moreDrax shares boosted by first half earning result
28th Jul 2015 09:11
(ShareCast News) - Shares in electricity company Drax were up by more than 10% after the company said its earnings for the first half were up 18%. At 0823 BST shares were up 10.12% to 278.06p after the company said its first half profit was up 18% to £120m. Drax reported underlying earnings per sha
Read moreSocGen ups Drax to 'hold' following share price decline
27th Jul 2015 10:55
(ShareCast News) - Societe Generale upgraded Drax to 'hold' from 'sell' following a material share price fall, but slashed the price target to 270p from 400p as it downgraded its core earnings forecast to reflect further weakness in power prices/coal spreads. SocGen noted that year-to-date, Drax is
Read moreLondon close: Footsie bounces back, small caps underperform
9th Jul 2015 16:50
A motley assortment of airlines, financials and homebuilders paced gains on Thursday, after a bounce in Chinese stockmarkets relieved some of the recent selling pressure. Nevertheless, China and Greece were not far from traders' minds, particularly the latter ahead of fresh reform proposals from of
Read moreThursday broker round-up
9th Jul 2015 16:22
Ashmore: RBC keeps at underperform. Aggreko: Exane reiterates underperform recommendation and 1,250p target. Anglo American: Investec stays at hold on the miner's South African-listed shares. Associated British Foods: Credit Suisse stays at outperform and sets a target price of 3,250p. Barclays:
Read moreFTSE 250 movers: Drax leads charge while Grafton Group takes a hit
9th Jul 2015 16:11
Mid-cap stocks were up slightly on Thursday, by 1.07% at 16:42, with power generator Drax leading the upward charge. The power company put in a solid performance after tumbling to an all-time low on Wednesday after Chancellor of the Exchequer George Osborne announced the government will remove the C
Read moreFTSE 100 movers: Barratt and AB Foods gain on updates, Prudential lifted by Goldman note
9th Jul 2015 15:41
London's FTSE 100 was on the front foot on Thursday, with cyclical stocks such as miners and banks in the black. Rio Tinto, Antofagasta and BHP Billiton all gained following a rebound in Chinese stock and metal prices. Elsewhere, Barratt Development rebounded from heavy losses in the previous sessi
Read moreRBC cuts Drax price target on Budget hit
9th Jul 2015 14:13
RBC Capital Markets cut its price target on power generator Drax to 300p from 380p following Chancellor George Osborne's announcement on Wednesday of the removal of the Climate Change Levy exemption for renewable electricity generated after 1 August 2015. The broker said this means Drax will no long
Read moreLondon open: Miners pace gains as Shanghai stocks bounce
9th Jul 2015 08:46
Miners led the top flight index higher thanks to an overnight bounce in Chinese equities, and as traders awaited fresh reform proposals out of Athens, due by midnight. As of 0836 BST the FTSE 100 was higher by 42.18 points to reach 6,532.06, while the Shanghai Stock Exchange's composite index closed
Read moreDrax sees £30m EBITDA cut over current fiscal year from Climate Levy change
9th Jul 2015 08:09
Drax expects the removal of the Climate Change Levy exemption for renewable electricity generated after 1 August 2015, announced in Wednesday's Budget, to lead to a reduction in earnings before interest, tax, depreciation and amortisation of around £30m in 2015 and £60m in 2016. It said this was an
Read moreDrax shares tumble to all-time low as Osborne scraps climate levy exemption
8th Jul 2015 15:49
Shares in Drax fell a whopping 25% to an all-time low after Chancellor George Osborne said in the Budget that the government will remove the exemption for electricity from renewable sources. RBC Capital Markets said the move was "a big negative for renewable generators". It said the biggest impact
Read moreGoldman Sachs expects rethink on bank levy in UK Budget
7th Jul 2015 12:43
Ahead of Chancellor George Osborne's Budget on Wednesday, here's a round-up of what Goldman Sachs expects. For UK banks, attention will be focused on any potential reform of the bank levy, as Osborne did not discuss it in his Mansion House speech in June, despite prior speculation. Goldman does not
Read moreDrax's chairman buys new shares
23rd Jun 2015 16:17
The chairman of Drax Group bought 60,000 shares showing confidence in the power company, which has been facing challenging market conditions. Philip Cox, who is also a non-executive director at Drax, bought 60,000 shares for 364p each, for a total of £218,400. The shares are to be registered in the
Read moreDrax cut to 'sector perform' by RBC Capital Markets
18th Jun 2015 07:46
RBC Capital Markets downgraded Drax to 'sector perform' from 'outperform' and slashed the price target to 380p from 575p, as a result of continued weakness in commodity markets and extended uncertainty on incentive mechanism for biomass conversions. "Commodity markets are working against Drax, and w
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