CAIRN Energy shot to a fresh record high yesterday as heavyweight Wall Street investment bank Goldman Sachs boosted the entire sector by increasing its oil price assumptions and saying the prospect of oil prices at $150-$200 a barrel over the next
six to 24 months "seems increasingly likely".
Shares in Edinburgh-based Cairn, on which Goldman analysts have a target price of 3,576p, shot up 4.9 per cent or 150p to 3,223p as the broker comments were given added credibility by the oil price reaching more than $122 a barrel.
Scotland's two next largest oil companies also rose, with Venture Production gaining 36p, or 4.8 per cent, to 782.5p, and Dana Petroleum closed up 25p at 1,775p. West African-focused BowLeven climbed 4.6 per cent to 355p.
Wood Group, Scotland's largest oil services company, rose in sector sympathy, rising 10.5p to 440.75p.
Aberdeen Asset Management lost 4.25p or 2.85 per cent to 145p after announcing a major acquisition that will make it one of the world's largest property asset managers.
On Aim, Livingston-based Craneware, which provides billing software for hospitals, hit a fresh high after a glowing house broker note last week. Its shares gained 12.5p to 206p.
The full article contains 226 words and appears in The Scotsman newspaper.
