Scots stocks: Cairn sees shares rise despite further falls in the price of crude oil

Published on Friday 28 November 2008 20:30

SHARES in Cairn Energy headed north yesterday despite further weakness in the price of a barrel of crude.

The 43p, or 2.6 per cent, rise to 1,690p also came despite worries surrounding businesses with an exposure to the Indian sub-continent.

Cairn India, which is listed on the Mumbai stock exchange, is majority owned by the Edinburgh-based group.

Meanwhile, Melrose Resources nudged up a penny to 206p as it announced the appointment of Alan Parsley, 65, as an independent non-executive director.

Chairman Robert Adair said: "Alan's appointment … will bring almost 40 years of invaluable experience in exploration, business development and senior managerial roles to the company."

Clyde Process Solutions, the Aim-listed materials handling specialist, said chief executive Alex Stewart had snapped up 50,000 shares in the company at 40p each, taking his interest to 2,565,284 shares, or 6.35 per cent of the issued share capital.

Shares in CPS, which earlier this week announced interim profits had risen five-fold to 2 million, closed unchanged at 39p.

Transport group Stagecoach gained 3 per cent to 174.7p ahead of next week's interim results.