FTSE 250 movers: Drax powers ahead but oil producers slide on Saudi cuts

Drax surged on Monday following a report that the UK government is set to approve a multibillion-pound CO2 capture scheme.

According to The Telegraph, Energy Secretary Claire Coutinho is expected to approve a scheme to bolt two massive carbon capture plants onto Drax’s four generating units, potentially stripping out almost all of its CO2 emissions.

Drax claims the scheme will allow it to remove more CO2 from the atmosphere than it produces - making it the world’s first carbon negative thermal power station.

It was also understood that Coutinho is due to launch a consultation into how best to extend the subsidy system under which Drax last year received £617m from consumer bills. The scheme terminates in 2027 so Coutinho will propose extending it into at least the 2030s, keeping Drax in business for at least several years.

Online trading platform Plus500 said on Monday that full-year results would come in ahead of market expectations.

The FTSE 250 fintech, updating on year-end trading, said revenues in the year to 31 December were expected to be around $725m, while earnings before interest, tax, depreciation and amortisation were $304m.

Plus500 said it had benefited from the expansion of its futures business in the UK, launching a localised retail trading platform in Japan and further progress in the UAE.

Plus 500 was granted a regulatory licence in the UAE - which it called a "significant" market - earlier in the year.

The results are, however, down on the previous year, when revenues came in at $832.6m and EBITDA was $453.8m. Plus500 has previously flagged lower volumes and volatility across global financial markets in 2023.

Looking to the current year, however, Plus 500 said it remained confident.

It said: "The group remains well-positioned to continue executing against its strategic objectives, enabled by its market leading technology and supported by its strong financial year."

The firm will publish the full-year results on 20 February.

Oil producers were on the slide after a slump in crude prices after Saudi Arabia signalled potentially weaker demand ahead by cutting the price of its oil.

Tullow Oil, Harbour Energy, Energean and Diversified Energy all fell on the news.

FTSE 250 - Risers

Drax Group (DRX) 533.60p 8.96%
Plus500 Ltd (DI) (PLUS) 1,792.00p 7.95%
W.A.G Payment Solutions (WPS) 94.80p 6.04%
Vistry Group (VTY) 955.50p 5.70%
Crest Nicholson Holdings (CRST) 225.00p 4.17%
AJ Bell (AJB) 302.40p 4.06%
Watches of Switzerland Group (WOSG) 654.50p 3.72%
Bytes Technology Group (BYIT) 589.00p 3.70%
Wizz Air Holdings (WIZZ) 2,216.00p 3.70%
SDCL Energy Efficiency Income Trust (SEIT) 61.50p 3.54%

FTSE 250 - Fallers

Tullow Oil (TLW) 34.56p -5.32%
Ferrexpo (FXPO) 78.70p -4.95%
Future (FUTR) 749.00p -3.73%
Harbour Energy (HBR) 291.90p -3.41%
Diversified Energy Company (DEC) 1,141.50p -3.10%
Energean (ENOG) 971.50p -2.85%
Senior (SNR) 171.20p -2.73%
Auction Technology Group (ATG) 478.50p -2.64%
Hochschild Mining (HOC) 92.85p -2.42%
Fidelity China Special Situations (FCSS) 199.80p -2.30%