WEIR Group bounced back to its highest level in almost six months yesterday on a bullish trading statement which indicated all three of its major sectors – mining, power and oil and gas – were pushing ahead despite the credit crunch.
The Glasgow
-based engineering company said ahead of its AGM that it now had increased confidence that adjusted pre-tax profits for the year would meet its target of £140 million. Shares added 2.8 per cent to 880p, a high since last November, and are now within 5 per cent of an all-time high.
Oil companies also extended their latest run, prompted by a bullish Goldman Sachs note and driven by more record highs. Cairn Energy jumped to another record level, adding 111p to 3,332p.
Aberdeen-based Venture Production added 10p to 792.5p while across the Granite City Dana Petroleum moved close to an all-time high, up 4p to 1,779p.
Aberdeen Asset Management dropped 1p to 144p after posting results broadly in line with market forecasts on Tuesday. Optos, the Dunfermline-based retinal scanning device company added a European Inventor of the Year award to a string of recent accolades yesterday. Shares rose 4.9 per cent to 181p.
The full article contains 217 words and appears in The Scotsman newspaper.
