FIVE at FIVE: Ofgem proposes quarterly price cap reviews, Greencoat UK Wind consolidates top spot, JD Sports and Halfords downgraded and Synairgen continues Covid treatment work

Here’s Proactive’s round-up of the top financial stories of the day, with helpful links taking you directly to the news

Proactive Published 16/05/2022

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1. Energy regulator Ofgem suggests four price cap reviews per year

As it prepares for further volatility across global markets, energy regulator Ofgem plans to introduce the new reviews to give people more control over their gas and electricity costs.

2. Greencoat UK Wind buys stake in world’s largest offshore wind farm

Already, the FTSE 250-listed investment trust was generating 5-6% of the UK wind market in terms of capacity value, generating around 1% of all UK electricity.

Today’s £400mln investment of a 12.5% stake in the Hornsea 1 offshore wind farm, which has a grid export capacity of 1,200MW, takes UKW’s net generating capacity to over 1.6GW.

3. Royal Bank of Canada (TSX:RY) reduces JD Sports, Superdry and Halfords forecasts

Royal Bank of Canada (TSX:RY) dished out a host of target price slashes for retailers, with JD Sports, Superdry and Halfords all getting cuts.

4. FTSE 100 closes modestly higher

FTSE 100 ends higher lifted by basic resources and telecoms, which emerged on top thanks to a near 10% stake purchase of Vodafone by a United Arab Emirates rival.

5. Synairgen data analysis supports persistence

There is a “strong clinical rationale” to continue the evaluation of SNG001, according to Phillip Monk, the chief scientific officer of Synairgen PLC (AIM:SNG, OTC:SYGGF), the company that developed and deployed the treatment in Covid patients.