Scots Stocks: Explorers hit as oil stocks take a tumble amid financial gloom

Published on Monday 29 September 2008 21:26

OIL stocks tumbled as the financial crises widened yesterday, carving into Scottish energy explorers.

Dana Petroleum and Cairn Energy were given double hits when analysts at Citigroup trimmed target prices on the companies as they cut their forecasts for the wider oil and gas exploration sector.

Despite retaining "buy" recommendations on both companies, Cairn was off 7.9 per cent to 2,073p while Dana dropped 72p to 1,198p. Oil services group Wood continued its slide, closing off 7 per cent to 335p.

Elsewhere, companies linked to commodities fell, with Weir Group, heavily driven by the mining sector, plunging 9.6 per cent or 64p to 605p. Temporary power supplier Aggreko closed off 7 per cent at 532.5p.

Among the few risers, Johnston Press added 4p to 35.25p while ProStrakan rose 0.5p to 92.5p.

On Aim, Powerleague and Goals, Scotland's two five-a-side football pitch operators, were hit by flight from the leisure sector. Goals shed the gains of last week to close down 12.5p to 202.5p, while Powerleague lost 4.5p to 36.5p.

Lees Foods was hit by warnings of substantial rises in utility costs which weighed on profits, with the company also announcing it was close to completing an acquisition outside food production. Shares dived 16p to 141p.