Hurricane Energy, Exova and Wood Group

Monday, March 27, 2017 - 09:11

“Blue-chips were down in early trading as investors mulled the impact of US President Donald Trump’s defeat on healthcare reforms on his ability to implement other election pledges and looked ahead to the UK triggering Article 50 and the formal start of Brexit negotiations, ” says AJ Bell Investment Director Russ Mould.

Hurricane Energy’s shares jumped after it confirmed a major oil find off the Shetland Islands. Initial data analysis indicates the Halifax well is linked to the Lancaster field and forms a single large hydrocarbon accumulation which would make it the largest undeveloped discovery on the UK Continental Shelf. Hurricane’s shares were up by more than 8.1% in early trading.

“Lab-testing specialist Exova was a double-digit riser after it confirmed that it was holding talks on possible offers from Element Materials Technology, Jacobs Holding AG and PAI Partners SAS. Exova acquired Insight ND, a South Yorkshire-based non-destructive testing and radiographic inspection business, in December to strengthen its position in the provision of technically demanding services. Exova’s shares were up by over 14.2%.

Wood Group has won a $50m contract with Premier Oil to deliver topside operations and maintenance services to the Balmoral floating production vessel in the Central North Sea and the Solan installation, west of Shetland. The two-year contract which had three, one-year extension options, retained more than 150 jobs.”

These articles are for information purposes only and are not a personal recommendation or advice.

The daily market update is written by Russ Mould, AJ Bell’s Investment Director and his team. The article highlights the movement in the main index, winners and losers on the day and any macro-economic announcements.