Soaring crude prices help Scottish oil group Cairn to record levels

Published on Wednesday 16 April 2008 21:40

SCOTS STOCKS

CAIRN Energy hit a new high yesterday as crude oil futures came close to a record $115 a barrel. The Edinburgh-based company added 144p, or 4.7 per cent, to 3,185p, valuing it at 4.17 billion. Elsewhere in the sector, Venture Production rose 19.5p, or 2.9 per cent, to 700p and Dana Petroleum added 2.5 per cent to 1,360p.

Oil services company Wood Group came within 1 per cent of a record high, closing up 3.7 per cent at 438p.

Most of Scotland's major companies rose yesterday as banks led a recovery which touched most sectors. But Glasgow-based SMG dropped 3.7 per cent to 9.1p on a lack of news on the sale of Virgin Radio. Nuclear operator British Energy eased 2p to 728p on a lack of progress on its sale process.

Aim-listed investment bank Quayle Munro rose 37.5p to 1,050p after announcing its chairman and its chief executive had each bought shares at 1,025p.

Invocas, the debt solutions company, continues to tumble in the wake of a profit warning and the stepping down of its chief executive recently. Shares in the Edinburgh-based firm dropped 14.8 per cent yesterday to 46p. Shares are now trading at around one third the level at which they were floated at two years ago.