The electricity generation and distribution company SSE was the biggest riser in the FTSE-100 this morning after the company announced it had secured a 20 year, 1.4GW contract for offshore wind power, facilitating a final investment decision for the company over the project. If built to fill capacity, this would be one of the largest offshore wind farms globally. The SSE share price has responded, adding more than 2% in early trade.
Homebuilder Vistry issued a trading update this morning noting a modest uptick in profits despite a marked contraction in completions. Whist the margin growth necessary to do this is worthy of applause, the caution over the near-term outlook seems to have rattled confidence. That’s also despite the company believing it is well positioned to benefit from the Social and Affordable Homes Programme deployed by the government. The Vistry share price was down more than 4% shortly after the open.
Energy company BP – that once postured the initials could stand for ‘Beyond Petroleum’ issued a Q4 trading statement this morning. This included the cautionary note that it expected to incur impairment charges in its energy transition business of $4bn-$5bn for the quarter, following a strategic shift away from its lower carbon energy projects. The BP share price was trading lower by 8.45am, down around 1%.
Most read news on Investegate this morning
SSE secures 1.4GW CfD for Berwick Bank Wind Farm - - SSE (SSE)
