Markets: Aggreko powers to top of risers’ list

TEMPORARY power supplier Aggreko was the top riser in the FTSE 100 yesterday as analysts said the company looked set to capitalise on the Olympics and growing electricity demand in the developing world.

The Glasgow-based company reported a 6 per cent rise in pre-tax profits to £327 million for last year, sending shares up 4 per cent, or 88p, to a record high of 2,313p. Investec analyst John Lawson raised his target price for the stock from 2,250p to 2,500p, saying: “Looking at the industry dynamics, we believe that this positive investment story could run for some time to come.”

News that Greece had finally agreed a debt “haircut” with the majority of its private sector bond holders failed to excite the market, but news later in the day that US companies had added 227,000 jobs to their payrolls in February boosted the Footsie. Britain’s top share index was 27.8 points higher at 5,887.5.

Edinburgh-based Cairn Energy, which is set to leave the index next week, was among the risers, up 7.3p at 331.6p.

Much of the attention of the session was outside the top flight, with London Stock Exchange itself more than 6 per cent higher, up 57p at 955p, after it sealed a deal to take control of up to 60 per cent of clearing house Clearnet. The planned £386m acquisition follows talks between the two parties dating back to September.

Plastic packaging maker British Polythene Industries said yesterday that a number of directors had sold shares in the company after first exercising options to increase their stake under a long-term incentive plan. The move saw the stock fall 4.5 per cent to 358p. Investment group Cazenove saw the dip as a buying opportunity and increased its stake in the Greenock-based firm to 11 per cent.