STOCK WATCH

ENERGY services group Smart Metering Systems (SMS) has sold some of its meters to funds managed by infrastructure specialist Equitix Investment Management for £291m.

SMS will pocket around £282m after expenses, which it will use to bolster its dividend. It sold 187,000 smart meters used by industry and commercial customers, leaving it with 1.2m domestic meters and an order book for a further 2m.

Shares jumped 22.8pc, or 104.2p, to 561p.