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Well, let's take a look at some stocks on the move today in Europe. I'm Stephen Carroll and I'm joined by Bloomberg reporter Chloe Mela Chloate. Good morning. Let's start with SSE, the energy company in the UK. Shares are storing. What's going on?
Yeah, SHARRE has jumped quite a lot this morning, actually hit a record. That is after SC announced that it will raise two billion pounds from investors. So this equity raise will be used to fund major projects in grid infrastructure and renewable energy projects like wind farms for example. So SC will spend thirty three billion pounds overall on those projects, with eighty percent of that going towards upgrading
the UK power grids. Journ the list said that investors are welcoming the clarity that this provides over the next few years for SSE. It gives visibility on the balance sheet, gives visibility on the growth outlook as well for the company. So this is seen as very positive and also a way for that company to be part of the push
rwars electrification and the expansion of AIA data centers. So now the question becomes of what is holding the shares back from here, given that SEC has actually underperformed that broader sector. But that might change on the back of this equity raise.
Yeah, indeed the shares up nine point two percent and NOND at the moment. Let's stay with energy companies. RWE also on the rise. What's going on there?
Yeah, good morning for energy companies overall, it seems so for r W the boost there is actually coming from better than expected earning. So part of that was because of a one off gain from the cell of a data center development project in the UK, but then more interestingly, the other factor there was a better performance in its
trading divisions. That's a division that's really struggled this year because of geopolitical uncertainty, or at least the flavor of geopolitical uncertainty that we have got at the moment, because traders actually did really well after Russia's invasion of Ukraine. But the kind of uncertainty that we have got now with with Terrists and everything, that has actually proven much harder to trade on for those traders, and so that
has really that has really hurt that division. The nine month trading figure is still the worst in nearly a decade, but it is taken quite well this morning because there was improvement over the third quarter. So it seems that that division is now back on track, back on the road to recovery and our we will also benefit from other divisions like the commissioning of on new onshore wind farms, solar plants as well, and then battery storage system. So there's optimism there for that company.
Okay, so from energy stocks, let's go to France next and eden Rad shares down nine percent, an unpleasant surprise coming for the company. Yeah, absolutely.
So that is a that is a provider of employee benefits like meal vouchers, and it has been dealing with some regulatory hurdles in the past a few years. So the reason why it's down this morning is because Brazil is planning a major regulatory changes to the country's mill
vouchers system. So in ninety days a cap of three point six percent will be applying to the merchant discount way, which is the fee that is charged to merchants per transaction, and eden Redd said that it is really surprised by this by this decree by Brazil and that it was significantly different from the discussions that it had had with
the country. Bloomberg Intelligence analysts are calculating that that means the eber dark could drop as much as sixteen percent for eden Red on the back of those regulatory changes in Brazil, which is quite an important market for the company, and that really explains that major weakness that we've seen in the stock. At least one good thing is that there is now a bit more regulatory clarity, but obviously it's not good news.
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