TUESDAY MARKET CLOSE: Petrofac buoyed by swelling order book

Petrofac revealed an order book backlog worth some �13 billion. Picture: PA
Petrofac revealed an order book backlog worth some �13 billion. Picture: PA
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Oilfield contractor Petrofac was among the top risers as it revealed an order book backlog worth some £13 billion.

Shares in the firm, which also flagged higher costs at its Laggan-Tormore gas plant project to the west of Shetland, finished the session 53.5p higher at 923p – an increase of 6.2 per cent.

Glasgow-based engineering group Weir was also on the up, gaining 51p or 2.9 per cent to 1,836p as traders pointed to investor hopes that the months to come will prove to be a more fruitful environment for firms connected with the oil market, which has endured a rather torrid time of late.

The wider FTSE 100 Index, having enjoyed a 115-point rise on Monday, paused for breath on hopes of a breakthrough to prevent Greece from falling out of the euro as prime minister Alexis Tsipras offered a package of economic reforms, but the top flight still managed to edge up 9.2 points to 6,834.87.

IG senior market analyst Chris Beauchamp said: “If we reach the end of the week without a deal, the response could be ugly. Already Greek lawmakers are indicating their displeasure, and there is still much work to be done before we can safely say that the issue is resolved, but for now the default assumption remains that a successful end is on its way.”

Sports Direct was the biggest blue-chip gainer, cheered by a broker upgrade, and shares in the sportswear retailer lifted 22.5p or 3.2 per cent to 725p.

Distribution, packaging and outsourcing group Bunzl was the heaviest FTSE 100 faller, down 39p or 2 per cent at 1,852p as investors reacted warily to news of its aggressive acquisition spree. The group said it had bought or agreed to buy ten firms this year, and plans to spend more than £200 million across the whole of 2015, but revealed half-year sales fell by 1 per cent with the boost from acquisitions stripped out.