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Sunday 07th of June 2009
September 20, 2006

Energy generators lower in London


by Elaine Frei

The London equities markets were higher on Wednesday after Wall Street opened strongly, with the FTSE 100 up 0.6 percent higher to 5,866.2 and the FTSE 250 adding 0.5 percent to 9.791.1. The energy sector, however, didn’t share in the gains.

British Energy was 1.4 percent lower to 574p, on top of an 8.3 percent decline on Tuesday, as it became clear that the nuclear power generator will not be able to shed any more light on its dividend policy should the government delay its plan to sell its stake in the power company. The government owns 65 percent of BE. Meanwhile, Drax Group, the coal-power generator, dropped 2.4 percent to 835p as Goldman Sachs added it to its sell list.

Also lower was RHM, which fell 1.6 percent to 284½p after a downgrade from Credit Suisse to “neutral” on concerns that the baker will not be able to pass on higher raw materials costs to consumers.

Online gamer PartyGaming dropped 1.9 percent to 101p on a downgrade to “reduce” from UBS, which also cut the internet gambler’s target share price from 135p to 75p.

In the steel sector, Corus Group added 2.8 percent to 369¾p on an upgrade to “overweight” from Morgan Stanley, saying it expects the steel maker to make a deal soon with a low-cost producer of slab steels that could add over 100p to its share price.

British Airways gained 4 percent to 437¾p, a five-and-a-half year high, as crude oil prices continued to decline.

In the telecommunications sector, meanwhile, Cable & Wireless was 3 percent higher to 129¾p ahead of a Thursday presentation on its international operations.

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