Drax Group shares rise on HSBC upgrade, stock listing

Drax Group shares advanced Friday as HSBC upgraded the British power company's stocks to 'overweight', the equivalent of a 'buy' rating.

The coal-fired plant operator also announced it has applied to the UK Listing Authority for the block listing of 700,000 ordinary shares to the Official List and to the London Stock Exchange.

"These shares will only be issued in connection with the Drax Group plc approved savings-related share option plan," it said.

"They will rank pari passu with the existing shares in issue."

Separately, the company said Chairman Charles Barry would relinquish his board commitments for Impax Environmental Markets. He will retire from its board by rotation at the annual general meeting on May 21st.

RD