snige query...13 Apr 2018 20:32
Hi snige,
I too added just a few around 10am this morning, reasoning similar to Anapa.As to your query regarding 5% plus drop,maybe a couple of oil related disclosures ...
BP announced news of a programme to extend oil field activity in UK North sea.This will eventually add upwards of 50 million ' extra' barrels of oil streaming onto open market, market makers and traders maybe got the jitters that this could hit barrel prices and sold chunks of their holdings ,panic lasted a few hours maybe a lot bought back in as the jitters cooled.
Another reason that might have added power to the jitters Richter scale was an announcement by New Zealand will no longer award permits for future oil and gas exploration ,obviously a green initiative to reduce greenhouse gases.Announcing 'green issues and policies ' and then following through is two different things entirely.
These sort of announcements can produce big shifts in sp,sometimes good times to add,always do your own homework and due diligence before making decisions.Looks like today am was maybe a good time to add.
I rate Wood Group a hold at moment and add on big dips ,sp could go to 7, 8 quid a pop,could go lower as there is still a skeleton in the cupboard called AMEC.The investigation into the AMEC previous activities regarding accusations of corruption involving bribes and other skulduggery is not yet concluded.WG may well attract a big fine as they have bolted on AMEC.It is uncertain what the outcome might be.Does anyone have a view on the AMEC enquiry by the SFO?
I feel that WG sp can not recover until SFO concludes.Time will tell.
All the Georgey to all invested.