National Grid @ 608.5p, -1.5p (-0.25%)
National Grid started the day with a surge which lasted until Wall St opened mid afternoon. Touching 617.5p at the peak spurred on by the warm reception to its Interim Management Statement: www.sharecast.com: Year has started well, says National Grid.
Chief Executive - Steve Holiday has described the start of the year as solid and reconfirmed a positive outlook for the current year.
He also confirmed that the proposed new organisation structure was now embedded with 1150 less positions which will drive a significant proportion of the proposed cost savings.
Across the financial metrics the company continues to operate within a comfortable range to support the company's credit rating.
One small concern on the horizon is the company's preparation for the forthcoming Ofgem review which the company intends to update stakeholders on in August.
National Grid is the second largest weighting in the virtual portfolio and motoring along nicely now having delivered a capital gain of 12.11% and a further gain from dividends of 10.82% (incl. the payment due on the 17th August).
All told thats a 22.93% gain on National Grid whilst in the portfolio.
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