Market Miscellaneous

James River Capitalises on Higher Gas Prices & Sir Stuart Rose Takes Over as Chairman of Ocado – Finspreads

LONDON–(Marketwire – January 23, 2013) – Finspreads: Shares in James River Coal shot up at the end of trading on the Nasdaq yesterday (January 21st), as rising gas prices continue to improve the prospects for cheaper heating alternatives this winter. The sharp rise indicates a reversal in the fortunes of the coal company, whose shares have struggled along with others in the sector in recent months.

And with the cost of natural gas becoming increasingly higher, some analysts believe that thermal coal production companies like James River could see their shares increase and remain steady over the course of next month. Despite James River’s rally on the market yesterday, its stock has still lost more than half of its value since trading above $7 last February. Other companies to make gains were Life Technologies (10.59 per cent) and Research in Motion Ltd (6.24 per cent).

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Former Marks and Spencer chairman Sir Stuart Rose has been appointed as chairman of online grocer Ocado. Sir Stuart left M&S in the early part of 2011, and will join as a non-executive director in March, taking up the position of chairman in May this year. He will succeed Lord Michael Grade, who has been on the board at Ocado since 2006 and has now made the decision to retire.

Discussing his six years at the company, the former BBC chairman told BBC News: “It has been a privilege to be a part of their story.” Sir Stuart’s appointment comes amidst Ocado’s plans to expand. In a statement the company said: “We are looking forward to benefiting from his extensive retail experience and counsel.” The company has also received a boost during trading today (January 22nd), with shares increasing on the FTSE 100. At 14:16GMT Ocado’s shares stood at 99.95p, an increase of 5.16 per cent.

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