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Drax Leads FTSE 250 Gainers in Morning Trade

Drax Group shares posted the largest rise among FTSE 250 stocks worth more than £400m in morning trade today. A £2.5bn UK data centre investment involving the company was reported.

Drax Group (LSE: DRX), the UK renewable power generator, was trading at 880p at 8.15am in London today, up 8.78% so far in morning trade. The shares have traded between 834p and 886p so far today.

That puts the stock 2.2% below its 52-week high and 27.6% above its 52-week low. It is up 7.3% since the start of the year.

Line chart of Drax Group's daily closing prices over the past month, with today's intraday quote as the final point
Drax Group’s daily closing prices over the month to today, with today’s point an intraday quote from 8.15am in London.

How unusual this is

No other FTSE 350 stock with a market value above £400m has risen more so far this morning. Drax itself is worth about £2.7bn.

Chart of Drax Group's daily percentage changes over six months, with today's rise highlighted against the other sessions
Drax Group’s move so far today set against its daily changes over the past six months, with today’s session an intraday reading.
DRX.LSE

What was behind it

The company announced this morning that it has signed an agreement to develop a strategic partnership with Brookfield and Radiant, Brookfield’s UK-headquartered AI infrastructure platform, to jointly develop, deliver and operate an AI data centre on the Drax Power Station estate in the north of England.

Brookfield estimates that the total potential investment, including semiconductor chips, could exceed £20 billion, with an initial £2.5 billion as part of Phase 1.

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