Standard Life escapes the worst

Published on Monday 16 February 2009 20:19

SCOTS STOCKS

SHARES in the UK's major insurance companies fell yesterday on fears that they will have to raise additional capital to strengthen their balance sheets.

But Standard Life, which has already sold on the annuity risk that is plaguing rivals such as Legal & General, was one of the sector's best performers despite closing down 5.7 per cent at 187.1p.

Ramco, the Aim-listed energy company, closed unchanged despite analysts at Ambrian claiming a deal secured by its offshore wind farm subsidiary, SeaEnergy, which gained a 25 per cent stake in two major Scottish projects was "a value transforming event". Ramco traded higher for much of the day but closed flat at 51p. Scottish & Southern Energy, which announced that it had been awarded the rights for four projects under the same allocation, including one in partnership with SeaEnergy, fell, closing 4p lower at 1,198p.

Dana Petroleum rose 7p to 1,021p after announcing an acquisition of a distressed North Sea rival that will boost its production by 20 per cent.

Analysts are also keenly anticipating news from a well near its East Rinnes discovery, which could come this week.

Goals Soccer Centres dropped 1p to 110p despite announcing that asset management giant Blackrock now owned more than 13 per cent of the five-a-side football pitch operator. Rival Powerleague also fell, down 1.9 per cent to 26p.

Invocas, the debt management group that recently rose and fell as it announced, then called off, takeover talks, continued to rise on the belief that the macro economic situation is likely to be helping it. The Edinburgh company rose 1p to 40p.