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Centrica Share Price Rises on Gas Find

Centrica Share Price Rises on Gas Find

Thursday was a successful day for Centrica (CNA) shares. Having opened at 297.48p the price rose steadily throughout the day and closed up 1.25% at 300.70p. While the shares are still down 2.11% for the week, they are up 2.09% for the month.

Yesterday Citigroup reiterated its ‘Neutral’ position on the shares and kept its target price at 310p. Earlier in the week Credit Suisse reiterated its ‘Neutral’ position as well with a slightly lower target price of 300p. Last week RBC Capital Markets reiterated its ‘Underperform’ position and set a target price of 310p.

Investors seem to be evenly split on Centrica. On Thursday 50.69% of shares that were traded were sold while 49.31% were bought. However, on Thursday Centrica announced it has found more gas reserves in the southern North Sea which is likely to boost investor confidence in the coming days.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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