Wood Group Shares Boosted Despite Oil Price Fall

A much-needed boost to its share price was enjoyed by the Wood Group, Scotland's largest oil services company, after announcing it is continuing to expand, despite turbulence in the financial markets.

The firm, which has seen its shares half in recent months, ended the day just over 10 per cent, or 25.5p, higher at 277.7p.

Glasgow-based Weir Group rose more than 8 per cent after chief executive Mark Selway delivered some upbeat news, saying the group's profits were set to beat expectations. An interim management statement for the 13 weeks to 26 September pointed to profits of about £170 million, not the previously expected figure of £165.4m as the company benefits from lower debt. The firm closed 40.5p higher at 529p.

Edinburgh-based oil and gas explorer Cairn Energy surged more than 18 per cent, or 248p, to 1,609p, making it one of the top FTSE 100 risers, despite other oil companies easing as the price of crude fell back.

Scottish & Southern Energy fell 6.8 per cent to 1,208p after a cautious note on utilities from brokerage Dresdner Kleinwort, including some downgrades in ratings.

The broker cut its stance Perth-based SSE to "sell" from "hold".

Author: Jo Amey