Melrose promoted to mid-cap index
MELROSE Resources, the Edinburghbased oil and gas exploration company, is being promoted to the midcap FTSE 250 index today, despite the shares showing little progress in the past year.
Shares in Melrose, which produces oil and gas in Egypt, Bulgaria and the US, have risen less than 5 per cent in the past six months. But Melrose has outperformed the FTSE 250 index as a whole – it has fallen more than 10 per cent in the same period.
Melrose has predicted a 30 per cent rise in production this year, and a major exploration programme in Egypt gives the company a strong chance of retaining its place.
Robert Wiseman Dairies, which will provide an update on trading tomorrow, narrowly missed out on a place in the FTSE 250. Wiseman’s strong performance over the past year, which has sent its market cap to about £340 million, earns it a place on the FTSE 250 reserve list.
Original source : The Scotsman
