Market Report: Wellstream goes with the flow of positive rumours
A spot of bid talk and some broker support ensured a firm ending for Wellstream, the oil services group which booked strong gains last night.
The stock rose by more than 5 per cent or 28p to 533.5p as speculators revisited theories of takeover interest. Volumes remained thin, however, prompting scepticism among traders, who’re used to regular bouts of speculative chatter around Wellstream. A push from UBS was seen as more credible reason for the move up, with the broker moving the stock to “neutral” from “sell” following recent run of weakness in the price.
Overall, it was a volatile day on the markets.
Recent Comments