Aggreko powers back on broker upgrade

AGGREKO dropped 9 per cent last week as traders feared that today's trading statement would be cautious, but the temporary power provider made up ground on positive broker comment yesterday.

Numis analyst Mike Murphy predicted that Glasgow-based Aggreko, which is supplying the power for this week's Glastonbury festival, will reiterate its previous guidance that trading is ahead of the start of last year, upping its rating from "add" to "buy".

Murphy is forecasting that Aggreko will make a pre-tax profit of 220 million in 2009, around 15 per cent ahead of last year. Shares rose 15p to 525.5p.

Perth-headquartered bus and train group Stagecoach dropped 6.5p to 115.5p, ahead of its results on tomorrow.

Transport sector peer FirstGroup slipped 2.6 per cent or 9.5p to 359.5p.

Venture Production opened 4 per cent higher yesterday on a report claiming that British Gas-owner Centrica is prepared to go hostile with an 850p a share bid for the Aberdeen-based oil producer – but quickly eased.

There are no signs that Centrica has yet tabled a bid, making a hostile approach unlikely. However, Venture still closed up 3.5p at 775p.

Dana Petroleum, boosted by takeover speculation last week, rose 7p to 1,323p – despite falling crude oil prices. Cairn Energy, Scotland's largest oil explorer, dropped 85p to 2,216p.

Oil and gas explorer Bowleven also fell – by 1.6 per cent – to 60.75p.

On Aim, Pinnacle Telecom, which is set to report results for the six months to 31 March today, closed up 15 per cent at 0.38p.

Johnston Press, owner of The Scotsman and Scotland on Sunday, dropped 8.1 per cent or 1.5p to 17p.