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Market Report: Oil Giant Share Soars After Smooth Movement from Opec

Oil was the main issue after Opec opposed increasing production in April.

Surprising decisions made by organizations, including Saudi Arabia, Iran, and many African countries, have raised the price of Brent crude by almost 5% to $ 67.20 a barrel. This is the highest level since January 2020.

Analysts said Saudi Arabia and its partners are trying to run out of inventories and push prices to nearly $ 80 a barrel before the pandemic subsides and economic activity returns to normal.

Crude Oil Prices: Opec, which includes hosts from Saudi Arabia, Iran, and African countries, has decided to oppose increasing production in April.

The rise in oil prices was good news for Britain’s largest Oilers BP, rising 2.7% (8.2p) to 313.1p and Shell up 2.6% (37.6p) to 1466.6p. BP said last October that Brent could reach the break-even point at $ 42 a barrel, but Shell is even lower at $ 36.

Markets analyst Neil Wilson said:

It is well known that Saudi Arabia wants oil at a price of $ 80 to $ 85 per barrel so that the country can balance its budget. Besides Opec, a budget hangover also dominated the proceedings.

Stock Watch-Proton Motor Power System

Proton Motor Power Systems saw a nearly six-fold increase in orders last year.

An AIM-listed company that designs, develops, and manufactures hydrogen fuel cells and hydrogen fuel cell electric hybrid systems said orders in 2020 reached £ 7.3 million. This is up from £ 1.3m in 2019.

At the same time, sales increased 138% to £ 1.9m.

The company’s stock price peaked at 125p in January, when it was trading at about 6p two years ago, but fell 7.2% (5.5p) to 71p.

While many considered the budget anti-business, Goldman Sachs believed that former hedge fund manager Rishi Sunak would never push for a corporate tax hike, and took an election stance. I added that it shows.

Goldman Sachs analyst Alandure said:

“It will be held one year after the next general election. We believe that the tax increase may be canceled as part of the pre-election sweetener campaign. The next two years of super deductions will be a large facility. We were warmly welcomed by the city to support listed companies in our investment plans, including utility companies that spend a lot of money on pipes and machinery.

The utility’s National Grid rose 2.4% (19p) to 829,2p, and the water supplier Penon rose 2.3% (20.4p) to 928p.

Other notable gains in the High Stock Index included Melrose Industries, which made a profit of £ 120m, allowing industrial buyout companies to resume paying dividends. The stock price was 183.5p, up 3.7%, or 6.55p.

Aviva rose 1.2% at 387.9p, or 4.70p, after insurers completed the sale of the international sector to focus on the UK, Ireland and Canada. In 2020, it reported a profit of £ 2.9bn, compared to £ 2.7bn in the previous year.

However, as miners lowered the Best Cap Index, the FTSE 100 fell 0.4% (24.59 points) to 6650.88 overall.

Analysts said the supercycle of commodities began to ease, with nickel falling 7% while copper prices fell 4%. As a result, Glencore decreased by 4.5% (13.4p) at 286.3p and Rio Tinto decreased by 4.4% (268.37p) at 5878p.

The FTSE 250 fell 0.7% (140.09 points) to 21,296.23 points.

And staying outside the top flight, house builder Vistry is up to date with the tragedy of the Grenfell Tower, revealing further hits in cladding safety work.

The group, which fell from 3.5pc (32p) to 943p, secured £ 20.9m after discovering another 10 buildings over 59 feet high, acting as developers and repairing cladding. You may need it.

The details of the impact are that full-year results show that pre-tax profits fell 43.5% to £ 98.7m after the spring blockade affected the first half of the year.

However, it supported strong second-half results, saying profits would recover sharply in 2021 and are expected to be at least £ 310m on a basic basis.

The group also resumed paying dividends with a final dividend of 20 pence in 2020.

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Market Report: Oil Giant Share Soars After Smooth Movement from Opec

Source link Market Report: Oil Giant Share Soars After Smooth Movement from Opec

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