MARKET ACTIVITY/TRADING NOTES FOR DAY ENDING THURSDAY, JANUARY 15, 1998 (4)
MARKET ACTIVITY
Notes yesterday on US trading in the oil's. The Oil Sector continued higher, helped by the Iraq drama. Shares of oil company continued their week long upswing on Thursday, helped by Wall Street analyst upgrades and continuing tensions between Iraq and U.N. arms inspectors.
The United Nations Security Council on Wednesday deplored Baghdad's decision to bar an inspection team headed by American Scott Ridder from visiting suspected weapon sites.
''Nobody can assume (Iraqi leader) Saddam Hussein will sit tight and be a good citizen,'' said Lehman Brothers analyst Paul Cheng, noting that a worsening situation could endanger Iraq's permission from the U.N. to sell oil on the world market.
Shares of Mobil Corp (NYSE:MOB) were up 1-9/16 to 69-3/8, while those of British Petroleum (UK & Ireland: BP.L; NYSE:BP) rose 1-1/8 to 79-3/4 on the New York Stock Exchange.
Earlier today Donaldson Lufkin (NYSE:DLJ) and Jenrette analyst John Hervey raised his rating on Mobil to a recommended list buy from buy, and upped his rating on British Petroleum to a recommended list buy from market perform.
Hervey said he believed Mobil's share price was ''near its bottom and should offer substantial upside over the coming year.'' He said Mobil's management was ''among the best in the industry.''
Hervey said he upgraded British Petroleum based on his view that the oil sector had been tremendously oversold in recent weeks in an ''extreme over-reaction to falling oil prices.'' He said BP had ''one of the best fundamental stories in the industry.''
Other gainers included Chevron Corp (NYSE:CHV), up 3/4 to 76-1/2 in afternoon trading, and Texaco Inc (NYSE:TX), up 1-1/16 to 54-1/16.
But Exxon Corp (NYSE:XON) was off 3/16 to 60-5/8, and shares of Royal Dutch Petroleum Co (RD.AS) (NYSE:RD) eased 1-7/16 to 51-3/16 in New York trading.
Cheng said the oil sector had significantly outperformed the broader market this week, with shares of small tier integrated companies jumping about 5 percent since Friday and those of major integrated oil companies gaining about 6 percent.
By contrast, he said, the Standard and Poor's 500 Index had risen only about 2.75 percent during the same period.
INDEXES
The Toronto Stock Exchange 300 Composite Index fell 0.4% or 24.12 to 6327.01.
In comparison, the Oil & Gas Composie Index was stronger, rising 0.6% or 33.63 to 5856.38. The group was led by the Oil & Gas Producers, up 1.1% or 55.93 to 5145.12. The Integrated Oils was basically unchanged, losing just 1.86 to 8185.44 and the Oil & Gas Services fell 1.6% or 40.14 to 2432.37.
INDEX CHARTS
TSE 300.......... canoe.quote.com
O&G Composite. chart.canada-stockwatch.com
Integrated Oil's.... chart.canada-stockwatch.com
O&G Producers.. chart.canada-stockwatch.com
O&G Services..... chart.canada-stockwatch.com
HOT STOCKS
MOST ACTIVES
Among the top 50 most active traded issues on the Toronto Stock Exchange were Paragon Petroleum, Pinnacle Resosurces, Ranger Oil, Northstar Energy, Northrock Resources, Anderson Exploration, Berkley Petroleum and Petro-Canada.
Net gainers included Baytex Energy $1.05 to $13.00, Berkley Petroleum $0.90 to $14.10, Paramount Resources $0.85 to $14.85, Amber Energy $0.80 to $17.00 and Talisman Energy $0.60 to $36.85.
Percentage gainers included Black Rock Ventures 11.1% to $1.20, Tethys Energy 9.5% to $2.30, Bonavista Petroleum 9.3% to $3.88, Newquest Energy 9.1% to $6.00, Baytex Energy 8.8% to $13.00, Petrobank 8.8% to $3.10, Cypress Energy 8.3% to $3.90 and Berkley Petroleum 6.8% to $14.10.
On the downside, no oil producers were listed as net losers.
Percentage losers included Seventh Energy 9.5%, TUSK Energy 8.0% to $0.92, K2 Energy 6.7% to $1.40 and Magin Energy 4.8% to $2.00.
Companies reaching new 52-week highs included TransGlobe Energy.
New 52-week lows were obtained by Cabre Exploration, Camberly Energy, Canrise Resources, Pinnacle Resources and Ranger Oil.
In review of oil & gas service companies, as well as those with close ties to the industry, Bonus Resource Services and IPSCO were listed among the top 50 most active traded issues on the TSE.
Net gainers included Shaw Industries, up $1.00 to $40.00
Percentage gainers included Petro Well Energy Services 10.0% to $1.10 and Alpine Oil Services $9.5% to $1.15.
On the downside, Enerflex Systems fell $0.75 to $27.50.
Percentage losers included Badger Daylighting 5.7% to $4.95.
Companies reaching new 52-week highs included Pason Systems.
No new 52-week lows.
Over on the Alberta Stock Exchange, Gold Star Energy, Colt Energy, Storm Energy, Jerez Energy, Red Sea Oil, Bearcat Explorations, Trego Energy, Oxbow Exploration, Scarlet Exploration and First Star Energy were among the top 30 most active traded issues.
Net gainers included Pason Systems $0.75 to $6.80, Capco Resources $0.74 to $2.90, Niko Resources $0.45 to $4.50, red Sea Oil $0.19 to $3.04, Endeavor Resources $0.15 to $0.30, Total Energy Services $0.15 to $2.40, Deena Energy $0.11 to $1.11 and Scarlet Exploration $0.10 to $1.05.
Percentage gainers included Endeavor Resources 100.0% to $0.30, Capco Resources 34.3% to $2.90 and Raptor Capital 20.0% to $0.48.
On the downside, Canadian Crude Separators fell $0.50 to $4.00, Solid Resources $0.30 to $6.50, Kensington Energy $0.25 to $1.00, AltaQuest Energy $0.13 to $2.25, Braegan Energy $0.10 to $0.40, Devlan Exploration $0.10 to $0.50, Hawk Oil $0.10 to $1.05, Lexxor Energy $0.10 to $0.90, Palmetto Resources $0.10 to $1.00, Tribute Resources $0.10 to $0.35, Mart resources $0.09 to $0.29, Petro-Reef Resources $0.09 to $0.70 and Trego Energy $0.09 to $1.25.
Percentage losers included Mart Resources 23.7% to $0.29, Tribute Resources 22.2% to $0.35, Braegan Energy 20.0% to $0.40, Kensington Energy 20.0% to $1.00, Ascot Energy Services 16.7% to $0.25, Devlan Exploration 16.7% to $0.50, High Plains Energy 14.3% to $0.30, Petro-reef Resources 11.4% to $0.70 and Canadian Crude Separators 11.1% to $4.00.
Esker Resources reached a new 52-week high.
New 52-week lows were obtained by Enterprise Developement, Fox Energy, Kenssington Energy and OTATCO.
An excellent summary of most actives covering all four of the Canadian Stock Exchanges can be found at quote.yahoo.com
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