SIG, BP and Range Resources

“The FTSE100 opened in negative territory after the Dow closed at a record high with traders on both sides of the pond still attempting to determine what happens next after Donald Trump's surprise win in the US presidential election. On the economic front, investors will be looking at UK construction output figures and German inflation data,” says AJ Bell Investment Director Russ Mould.

“Building products distributor SIG’s shares slumped following a profit warning. The group has strong positions in its core markets of insulation and energy management, interiors and roofing has seen a slowdown since the EU referendum. The group has been hit by delays to projects in the commercial sector and subdued demand for technical insulation in the petrochemical and manufacturing sectors. SIG was the FTSE250’s biggest faller with its shares down by more than 20% in early trading.

“Oil giant BP’s shares were down after its Russian partner Rosneft posted a slump in third quarter profits due to weaker oil prices. BP has a near 20% stake in Rosneft and the companies have plans for a number of exploration joint ventures.

“Range Resources was a double-digit riser in early trading following the successful spudding of a development well in the Morne Diablo field in Trinidad. The QUN 160 well is the fourth development well drilled by Range in Trinidad this year and will take about three weeks to reach target depth. This is a re-drill of the previously drilled QUN 158 well and is targeting the same Upper Cruse and Lower Forest sands. Range’s shares were up by more than 14.7%.”

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