Market report: Evraz boosts Chelsea transfers kitty after a steel surge in ChinaComments Off on Market report: Evraz boosts Chelsea transfers kitty after a steel surge in China
If Chelsea decide to splash the cash in the January transfer window, owner Roman Abramovich won’t find it as painful an experience after this year’s stock-market surge from Evraz.
The billionaire, who owns a 31% stake in the Russian steelmaker, has seen Evraz’s shares surge 200% in 2016 thanks to a recovery from iron ore prices, boosting his personal wealth by £670 million.
What was dubbed “the great fall of China” last year, when the country’s growth rates showed signs of slowing, triggered a collapse in Evraz’s share price, but it has recovered and then some in 2016 amid a commodities recovery.
In August, it revealed revenues slumped 35% to $3.5 billion in the first six months of the year, but chief executive Alexander Frolov said the recovery in steel prices in the second quarter meant he was “cautiously optimistic” for the rest of the year.
The shares were ahead by 3.7p at 227.6p today.
Traders were already packing up their desks for Christmas and volumes were unsurprisingly light as the FTSE 100 sank 2.48 points to 7061.20, not the so-called Santa rally some had hoped for. Dart Group bought four more planes for $384 million.
The Jet2 owner said it managed to negotiate “significant discounts”, sending the shares up 5.62p to 494.62p.
David Richards, founder and the recently reinstalled chief executive of WANdisco after a failed boardroom coup, sold £290,000 worth of shares, dragging the AIM-listed big data firm down 7.1p to 192.9p.
Shares in security firm Mortice were 2p weaker at 88.5p after a discounted £2.3 million share placing to fund its growth in India.
Guscio tumbled 1.25p, or 45%, to 1.5p after the company, which reported a £3.9 million annual loss, said sales of its physical literacy programme for schoolkids had suffered since it bought the Sportsdata business from former QPR chairman Richard Thompson in May.