Markets: Aggreko powers ahead of the pack

Shares in Aggreko powered ahead yesterday thanks to positive broker sentiment, making it one of the Footsie’s top risers amid a wider market sell-off.

Analysts at Seymour Pierce reiterated their “buy” recommendation and 2,500p target price on the temporary power and cooling equipment supplier in the wake of a trading update from sector rival APR.

The brokerage has a “hold” rating on APR after it reported “roughly flat” sales for three quarters in a row. Shares in Glasgow-based Aggreko charged up 53p, or nearly 3 per cent, to 1,959p, while APR fell 19p or 2.9 per cent to 636p.

The benchmark FTSE 100 index closed down 34.64 points or 0.6 per cent at 5,499.23, compounding Monday’s 2 per cent plunge, which had wiped some £30 billion from the value of Britain’s biggest companies amid concerns over debt levels in Greece and Spain

Those worries failed to evaporate yesterday after a warning on Germany’s financial health from ratings agency Moody’s added to investor nervousness and as Spain edged closer to a full-blown bailout.

Craig Erlam, market analyst at Alpari UK, pointed to “one ray of light” in the shape of better-than-expected manufacturing data from China.

NEW YORK: Wall Street fell last night, hit by signs the eurozone crisis is worsening and by evidence that Europe’s slowdown is hurting American companies, including bellwether UPS.

The Dow Jones industrial average fell 104.14 points, or 0.82 per cent, to close at 12,617.32 while the broader S&P 500 Index dropped 12.21 points, or 0.90 per cent, finishing on 1,338.31.

The Nasdaq Composite lost 27.16 points, or 0.94 per cent, to end on 2,862.99.