Takeover rumours centre on Dana

Published on Friday 19 June 2009 21:06

SCOTS STOCKS

RUMOURS continued to circulate yesterday that German energy giant RWE is looking over Dana Petroleum.

Shares in the Aberdeen oil explorer rose as much as 15 per cent on Thursday as traders reported rumours of an 1,800p-a-share bid from RWE, although the company declined to comment.

Dana Petroleum was up again for a time yesterday as the talk continued, with analysts saying that it holds too little in gas reserves to make it genuinely attractive to RWE. Its shares eventually closed down 6p at 1,316p.

Venture Production, which is rich with gas and is in an offer period, rose another 3p to 771.5p despite no indication from possible predator Centrica as to whether it will bid.

Utilities were in demand, with Scottish & Southern Energy closing up 29p at 1,154p, one of its best days trading in recent weeks.

John Menzies rose 4p to 136.25p on further news of consolidation in the news distribution sector, with Dawson Holdings losing more business to Smiths News.

Medical companies were among the biggest risers. Galashiels-based specialist pharmaceutical ProStrakan climbed 8.4 per cent to 90p, on trading which was heavier than usual.

Axis-Shield, the medical diagnostics kit maker, which said on Thursday that first-half trading had been strong, rose another 2 per cent to 320p yesterday.

On the Aim, Goals Soccer Centres dropped 2p to 217.5p, as 6.7 million new shares were placed in the market, following its 11 million cash call earlier this month.