STOCK WATCH

SHARES in power company Ncondezi Energy slumped after it tapped up shareholders for £950,000.

The firm issued 15.2m shares at 6.25p each on Friday.

It plans to use the cash to strengthen its balance sheet as it prepares to embark on a joint-venture to develop a thermal coal mine and power plant in Mozambique.

Michael Haworth, chairman, said the funds put the company ‘in a position of strength’ to finalise the deal. Shares slid 10.7pc or 0.8p to 6.65p.