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Sector movers: Oil stocks fall, travel companies rise after Iran deal

Mon, 25th Nov 2013 16:22

A weekend deal to limit Iran's nuclear activity prompted a sharp fall in oil prices on Monday, sending oil and gas stocks into the red whilst sparking gains in the travel sector.Iran and the so-called P5+1 nations of Russia, China, France, Germany, the UK and the US came to an interim agreement over the weekend limiting Iran's nuclear programme in exchange for the easing of economic sanctions. The deal will run for the next six months as both sides work on a final agreement. Iran is home to the world's fourth-largest oil reserves but its exports have been affected by tough sanctions. The nation will not be allowed to increase its oil sales for six months but the deal has relieved tensions in the oil producing region of the Middle East.Brent crude futures for January delivery were down 1.18% at $109.74 a barrel before the close of trade, after having dropped 3% earlier on in the session."The deal is a major step forward in the negotiations on Iran's nuclear programme following a decade of struggles," said analyst Jens Nærvig Pederson from Dankse Bank."As Iran is not allowed to increase its oil exports, the effect [on oil prices today] probably reflects relief in the market that the sides are finally moving closer together and an expectation that the momentum will continue to grow."BP, Shell, Tullow and BG Group were all trading in the red before the close, tracking crude lower.BP was also lower after the US judge overseeing the entire civil liability trial arising from the Gulf of Mexico oil spill criticised the company's "deeply disappointing" attempt to block what it sees as excessive compensation payments.In contrast, travel stocks such as easyJet, IAG, Carnival, TUI Travel and Thomas Cook were making gains as the price of oil fell."News that the US has struck a deal with Iran on its nuclear activities has seen both WTI and Brent oil prices decline, and has to a degree lessened the risk premium normally associated with Middle-East tensions," said Brenda Kelly, Senior Market Strategist from IG.Meanwhile, Jefferies raised its rating for easyJet from 'hold' to 'buy', saying that after a pause for breath over the summer "we are now increasingly confident of a return to share-price outperformance". The broker also lifted its target price for the stock, along with IAG.Top performing sectors so far todayTravel & Leisure 6,918.08 +1.63%Financial Services 7,508.08 +1.47%Electronic & Electrical Equipment 4,198.35 +1.46%General Industrials 4,255.29 +1.32%Personal Goods 24,031.06 +1.29%Bottom performing sectors so far todayMining 16,139.69 -0.66%Oil & Gas Producers 8,091.02 -0.40%Fixed Line Telecommunications 4,320.35 -0.31%Pharmaceuticals & Biotechnology 11,636.82 -0.06%BC
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7 Jan 2022 07:57

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7 Jan 2022 07:49

Shell to proceed with share buyback 'at pace' despite weaker oil performance

(Sharecast News) - Royal Dutch Shell said its $7bn share buyback programme would continue "at pace" despite weaker oil product sales due to the Omicron Covid variant and forex headwinds in Turkey.

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7 Jan 2022 07:27

UPDATE 3-Shell pursues $7 billion buyback 'at pace' despite LNG troubles

* LNG production hit by outages in Australia* Marketing earnings impacted by Omicron slowdown (Adds share price)By Ron BoussoLONDON, Jan 7 (Reuters) - Royal Dutch Shell said it will pursue "at pace" a $7 billion share buyback largely funded from t...

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7 Jan 2022 07:27

UPDATE 1-Shell to continue $7 bln buyback programme 'at pace'

(Adds detail)By Ron BoussoLONDON, Jan 7 (Reuters) - Royal Dutch Shell said on Friday its $7 billion share buyback programme, of which $1.5 billion has been completed, will continue "at pace" despite a slowdown in fuel demand due to the Omicron COV...

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7 Jan 2022 07:27

UPDATE 2-Shell pursues $7 billion buyback 'at pace' despite LNG troubles

* LNG production hit by outages in Australia* Marketing earnings impacted by Omicron slowdown (Adds details, graphics)By Ron BoussoLONDON, Jan 7 (Reuters) - Royal Dutch Shell said it will pursue its $7 billion share buyback programme after selling ...

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7 Jan 2022 07:10

Shell to continue $7 bln buyback programme 'at pace'

LONDON, Jan 7 (Reuters) - Royal Dutch Shell said on Friday its $7 billion share buyback programme, of which $1.5 billion has been completed, will continue "at pace" despite a slowdown in fuel demand due to the Omicron COVID-19 variant.(Reporting b...

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6 Jan 2022 23:48

U.S. court rejects laundromat owners' bid to block sale of Texas oil refinery to Mexico's Pemex

By Stefanie EschenbacherHOUSTON/MEXICO CITY, Jan 6 (Reuters) - A U.S. court on Thursday tossed out a request from two laundromat owners to block Mexican state oil company Petroleos Mexicanos (Pemex) from acquiring majority control of a Texas oil r...

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6 Jan 2022 12:16

UPDATE 2-Key Kazakh oil fields pump despite protests

(Updates with Shell, details, background)By Ron Bousso and Rowena EdwardsLONDON, Jan 6 (Reuters) - Oil production at Kazakhstan's top three fields is continuing even as some contractors gathered outside the largest Tengiz field in support of protes...

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6 Jan 2022 12:00

Shell-backed U.S. solar developer raises $775 million in equity

By Nichola GroomJan 6 (Reuters) - Silicon Ranch Corp, the U.S. solar project developer backed by Royal Dutch Shell, on Thursday said it raised $775 million in equity capital from new and existing investors.The announcement comes as renewable energ...

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5 Jan 2022 09:54

UPDATE 2-Commodity-linked stocks lift UK's FTSE 100 after dull start

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4 Jan 2022 17:00

LONDON MARKET CLOSE: Stocks start 2022 in style as airlines fly higher

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4 Jan 2022 12:04

LONDON MARKET MIDDAY: Bright start to 2022 as travel stocks take off

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U.S. refiner HollyFrontier warns of lower than expected throughput

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