Mercom Oil Sands (MMO) was up 28.57% to 0.45p On growing rumours
Back in London, energy sector stocks were broadly firmer with Cairn Energy (CNE), Tullow Oil (TLW) and Essar Energy (ESSR) up 0.52%-2.57%. Utility-sector players National Grid (NG.), SSE (SSE) and United Utilities (UU.) up 0.06%-0.73%. The unexpected resignation of BG’s (BG.) CEO Chris Finlayson and downbeat guidance on production put the mini oil major under pressure this morning, but its shares staged a tepid rally to be up 0.09% to 1146p. Constraints on exports of liquefied natural gas (LNG) from Egypt mean output will be at the lower end of the guided 590,000-630,000 boepd range. Retail-related issues were prominent on the shelf. Sainsbury (SBRY), Next (NXT), Morrison (MRW) and Tesco (TSCO) added 0.99%-1.93%. Consumer goods giant Unilever (ULVR) followed, as did SABMiller (SAB), although Reckitt Benckiser (RB.) was a faller. Ongoing worries over diplomatic tensions surrounding the Ukraine kept metals investors on the back foot. Rio Tinto (RIO), Glencore Xstrata (GLEN) and Anglo American (AAL) fell 0.91%-2.83%. Randgold Resources (RRS) was up 0.97% to 4721.5p after saying the Tongon gold mine had made good progress in dealing with a number of technical challenges but the issue of lower than expected recoveries was still being addressed. Meantime, Tri-star Resources (TSTR) was up 31.58% to 0.25p, while Mercom Oil Sands (MMO) was up 28.57% to 0.45p On growing rumours its has made an o&g acquisition that will be announced on or after its agm on the 7th May and Mercer Resources (MCR) rose 26.67% to 1.43p. On the downside, Spark Ventures (SPK) fell 48% to 4.88p. |
