STOCKS NEWS EUROPE-ErgyCapital up after strategy plan
ErgyCapital (ECY.MI) shares rise 10 percent after the Italian renewable energy company announces a strategic plan and a smaller-than-expected capital increase.
On Friday, ErgyCapital announced a capital increase for a maximum of 10 million euros and set targets over 2010-2013 for its photovoltaic and biomass generating plants' output.
"The targets are lower compared to the old plan but the capital injection is significantly lower," Milan broker Equita says in a research note.
"We judge positively the new strategic guidelines that seem more visible and coherent with our estimates and the market conditions," it says.
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