WEDNESDAY MARKET CLOSE: Rising dollar powers Aggreko shares

The Glasgow based firm benefitted from the strengthening dollar. Picture: John Devlin

Tony Cross, market analyst at Trustnet Direct, said: “With monetary policy hawks circling across the Atlantic, the US dollar is finding support but this does bring with it some upside for UK companies with greenback denominated incomes.

“Aggreko has found itself propelled to the top of the board, spurred along by the fact that its stateside operation accounts for 50 per cent of the business.”

Shares in the Glasgow-based firm added almost 4 per cent, up 57p at 1,572p, as buyers cautiously moved back into blue chips following recent sell-offs. The FTSE 100 was 18.67 points higher at 6,721.51.

The stimulus programme being unleashed on the Continent put more pressure on the euro as the pound hit fresh seven-year highs against the single currency. But sterling plunged by a cent against the US dollar to reach its lowest level since July 2013.

The strong dollar - combined with ever cheaper crude – was also giving some airlines a lift, with British Airways-owner IAG climbing 3 per cent to 562p.

In corporate news, shares in FTSE 250 Index listed Domino Printing Sciences jumped more than 30 per cent after its board backed a takeover offer from Japan’s Brother.

The proposal was pitched at a 27 per cent premium to Domino’s share price the night before, although it is possible that another company could gatecrash the deal. Shares were 220p higher at 941p.

It was joined at the top of the FTSE 250 Index by another Domino’s - the pizza firm - after a broker upgrade triggered a rise in its shares of 6 per cent or 43p to 775p.