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Oil stocks slide on negative analyst comments

30 June 2017 17:03

Negative analyst comment on oil prices caused weakness in various oil shares including BP (BP.) and Royal Dutch Shell (RDSB).

That event contributed to a fall in the FTSE 100 alongside a decline in utility companies and banks.

Merrill Lynch and Kepler both published negative reports on the oil sector and commodity prices. BP fell by 1.6% to 442.8p and Shell slipped 1.5% to £20.62.

Brent crude oil jumped 1% to $47.88 per barrel. Copper climbed 0.3% to $5,930 per tonne and gold reversed 0.3% to $1,240 per ounce.

Among the utility stocks, United Utilities (UU.) declined 3.4% to 867.5p after Credit Suisse slashed its rating to 'underperform.' This had a negative impact on water firm Severn Trent (SVT), which fell 1.9% to £21.82.

In other news, the UK economy grew by 0.2% in the first quarter of 2017, as per previous expectations.

OVERSEAS MARKETS

Shares in Nike rallied by over 8% on news that it would start sell some of its products via Amazon. The trainer seller was one of the top performers on the US markets, helping pushing the Dow Jones 0.3% higher to 21,360.

SMALL CAPS RISERS AND FALLERS

Gamers were keen to get their hands on the Nintendo Switch console earlier this year, said Game Digital (GMD) but it wasn't able to sell enough to avoid a profit warning. Over a third of the company's valuation was wiped out after it said earnings were below expectations, blaming insufficient supply of Switch units and ongoing softness in Xbox and PlayStation markets.

Mobile beacons technology firm Proxama (PROX) said it would try and raise at least £3.1m via issuing new shares at a 79.3% discount to last night's close price. That's its working capital requirement for the next 12 months. Its share price collapsed 69% to 0.05p.

Nanoco (NANO) received its first commercial order from Wah Hong Industrial, which is buying its cadmium-free quantum dots that can be used in many applications such as medical imaging. Investors were excited by the breakthrough as the stock soared 34.6% to 43.7p.

Newspaper published Trinity Mirror (TNI) gained 3.4% to 98.2p on an optimistic trading statement that forecasted a better performance in the second half of its financial year.

Cyber security firm ECSC (ECSC) warned of a delay in revenue growth that would affect its 2017 results, causing the share price to shed 31% to 310p.

San Leon Energy (SLE) jumped 18.8% to 34.7p after receiving a takeover approach from China Great United Petroleum Holdings.

Elsewhere, a contract win at Sabien Technology (SNT) worth £287,750 sparked a 20% share price rally to 1.5p.

Story provided by StockMarketWire.com

Related Company: BP.

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