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Tullow Oil Tops FTSE 100 Gainers

Tue, 2nd Jul 2013

Tullow Oil rose to the top of the FTSE 100 risers on Monday, in expectation of a positive trading update on Wednesday.

Tullo Oil's shares are currently up 36p, a rise of 3.5%, after being upgraded by Nomura from \"reduce\" to \"neutral\". The shares currently stand at £10.37. Analyst Theepan Jothilingham cited three reasons for the upgrade. Firstly, the shares are less expensive than they were at their peak value and expectations have been reduced significantly for oil in many areas. Secondly, the company's exploration business is incredibly active and highly competitive and positive news from that business could make the company \"one to watch\". Finally, Tullow is already moving away from the Big Oil model and government approval of their TEN development is expected soon.Tullow Oil's shares are still down almost 40% on their February values, however many analysts believe that they are poised to regain most of that value.Tullow Oil is not the only big gainer in the oil industry. The oil services group, Hunting, was the biggest gainer in the FTSE 250 earlier this week, rising 42p to £7.74. The company published a positive trading statement which showed that it was enjoying increasing business in the Gulf of Mexico.In other news, gold company Centamin saw their shares fall thanks to the continuing civil unrest going on in Egypt. Centamin has an ongoing dispute regarding its license for the Sukari Mines and that dispute is unlikely to be resolved in the near future because of the current political uncertainty.
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