Property developer Terrace Hill climbs 15% after Adair boosts stake

Published on Wednesday 15 October 2008 21:47

SCOTS STOCKS

TERRACE Hill, the Glasgow headquartered property developer, bounced 15 per cent yesterday after the company revealed on Tuesday night that executive chairman Robert Adair had increased his stake to 61 per cent.

Terrace Hill shares, which hit a four-year low this week, rose 4.5p to 34p.

Melrose Resources, another company in which Adair has a majority stake, gained 8 per cent in early trading before closing down 8.5p at 285p as crude prices tumbled.

Other oil exploration shares also fell after RBS analysts cut their long-term forecasts on the price of oil. Cairn Energy plunged 12.2 per cent to 1,522p, while smaller rivals Dana Petroleum and Venture Production 70 fell 95.5p to 941.5p and 37.75p to 437.25p respectively.

Aim-listed Bowleven dropped 15 per cent to 102p.

Wolfson Microelectronics rose as analysts Panmure Gordon increased its rating to "buy" and the semiconductor maker continued its share buyback. Wolfson shares rose 3p to 67p.

Aggreko, which provided the power for the US presidential debates that concluded last night, fell another 7 per cent despite another positive analyst note, this time from Altium. Aggreko shares closed down 30p to 400p.