Scots Stocks: Scottish oil firms hit where it hurts as crude falls below $105 a barrel

Published on Tuesday 9 September 2008 21:13

OIL companies north of the Border took a hit yesterday as the price of crude oil slipped below $105 a barrel for the first time since early April.

Edinburgh-based Cairn Energy was one of the biggest FTSE 100 fallers, slumping 7.8 per cent, or 209p, to 2,477p while Dana Petroleum lost 53p, or 4.1 per cent, to close at 1,253p.

Wood Group slipped by 7.3 per cent, or 31.25p, to 395p, followed by Venture, which was down about 2.5 per cent, or 17p, at 673p. Faroe Petroleum fell 7 per cent or 11p to 139p. BowLeven was also badly hit, falling further amid recent concerns that the company needs to raise more cash to develop a field in Gabon, dropping 28.5p, or 12.75 per cent, to 195p. Engineer Weir Group was down 5.3 per cent or 45p to 804p despite it confirming it had completed the disposal of one of its Canadian units.

Craneware, the hospital billing audit software company, surged 6 per cent, or 13.5p, to a record high of 221.5p after the firm revealed pre-tax profits had more than doubled to $4.2 million in its first year as a plc.

Screen maker MicroEmissive Displays fell to a fresh record low of 1.25p.

Transport group Stagecoach reversed 4.75p to 313.25p, despite expectations that it will be promoted to the Footsie.