Weir gets in the lift with miners

Published on Friday 2 January 2009 21:47

SCOTS STOCKS

ENGINEERING firm Weir Group launched a recovery after what had been a disappointing slump, by holding on to the coat-tails of the resurgent mining stocks yesterday.

Miners were big risers and Weir Group, which has a mining services division, saw its share price leap 16.5 per cent to 361.25p. It closed at a level almost 35 per cent higher than its 52-week nadir in October.

Oil and gas stocks were squarely back in traders' favour, with a number of Scottish companies benefiting. Bowleven, which prospects in Cameroon and Gabon, was up 14.5 per cent to 33.5p. Other risers included Dana Petroleum, up 6.2 per cent to 1054p; Venture Production, up 8.1 per cent to 460.5p; and Melrose Resources, up 8.5 per cent to 204p. Aberdeen's big independent services company Wood Group also tagged along, up 6 per cent to 199.5p.

But exploration minnow Faroe Petroleum wasn't included in the oil rally. At still less than 10 per cent above its 52-week low, its stock fell 3.3 per cent to 50.5p.

Security stocks might be ones to watch in these insecure times. Digital CCTV company Indigovision yesterday enjoyed a fillip of a 5 per cent share price boost. It was up 12.5p to 265p.

Other risers included Glasgow's temporary generator group Aggreko, up 5.8 per cent to 471.75p, and Aberdeen Asset Management, up 5.4 per cent to 126p after its acquisition of Credit Suisse assets.

Wolfson gained 3.1 per cent to 83p on news of the official handover to new chief exec Dave Hickey at the dawn of the new year.