FTSE 250 movers: Drax fuels index; Evraz loses lustre
Drax helped to keep the the FTSE 250 in slightly positive territory on Monday after the European Commission approved the UK’s support of its plans to convert a unit of its power station from coal to biomass.
The EC – which had launched an investigation back in January to check that the aid would not lead to overcompensation and undue distortions of competition in the biomass market – said the project will further EU environmental and energy targets.
The UK government intends to support the project with a premium paid on top of the market price of the electricity generated, with support lasting until 2017.
UAE-based healthcare provider NMC Health was still benefiting from its proposed acquisition of Al Zahra Hospital in the Sharjah from Gulf Medical Projects for around $560m.
NMC said the deal complements its existing network of seven out-patient medical centres in Sharjah, further strengthening its position as the largest private healthcare provider in the UAE and the Gulf Cooperation Council region.
Shares in Investment manager Brewin Dolphin also rose as the company said it had agreed to buy Duncan Lawrie Asset Management for £25.5m along with a payment of £2.5m.
The acquisition of Duncan Lawrie, which is the subsidiary of the private banking arm of London-listed Camellia and has £735m of funds under management, is expected to be completed by the first half of 2017 subject to regulatory approval.
Evraz led the fallers, slumping almost 15%, after a 'sell' recommendation by Deutsche Bank.
Market Movers
FTSE 250 (MCX) 17,799.94 0.09%
FTSE 250 - Risers
Drax Group (DRX) 349.20p 7.78%
NMC Health (NMC) 1,529.00p 5.52%
Centamin (DI) (CEY) 120.70p 3.69%
Polypipe Group (PLP) 316.90p 2.76%
Carillion (CLLN) 239.10p 2.49%
TalkTalk Telecom Group (TALK) 169.10p 2.48%
Berendsen (BRSN) 835.00p 2.45%
Caledonia Investments (CLDN) 2,560.00p 2.40%
Brewin Dolphin Holdings (BRW) 296.70p 2.24%
Keller Group (KLR) 825.00p 2.23%
FTSE 250 - Fallers
Evraz (EVR) 231.70p -11.93%
PayPoint (PAY) 917.50p -2.91%
Kaz Minerals (KAZ) 360.10p -2.54%
Metro Bank (MTRO) 3,170.00p -2.43%
Ferrexpo (FXPO) 135.60p -2.27%
Paragon Group Of Companies (PAG) 402.60p -1.76%
OneSavings Bank (OSB) 352.50p -1.73%
Sophos Group (SOPH) 249.60p -1.62%
Pets at Home Group (PETS) 232.10p -1.61%
Cobham (COB) 171.80p -1.60%