Nuclear contractor Redhall (RHL:AIM) leaps 12.1p to 12.75p as investors speculate it will be one of the beneficiaries from an estimated £24 billion project to build a nuclear power plant in Somerset, south-west England.
The Hinckley Point nuclear project was approved by the European Commission (EC) on Wednesday after an investigation into whether UK government agreements with energy company EDF constituted state aid. The ruling has sparked interest from other nuclear companies hoping to build plants in the country, including Japan’s Horizon Nuclear Power, according to a reports.
Around 500,000 shares in Redhall changed hands by 10.50am this morning, more than 10-times the stock’s average daily trading volume, according to Morningstar data.
A spokesperson for the company says they are not aware of any reason for the change in the share price but cited a possible read-across from the EC decision. Redhall already does business with EDF at a number of other UK nuclear sites. The spokesperson added Redhall does not need to make a formal regulatory news service (RNS) statement on movements in its share price unless asked by the exchange.