EXTRACTS FROM: Market report: Water group’s surge makes blue chips sizzle
By Yvette Essen
Last Updated: 1:25am BST 19/05/2007
There were renewed suggestions that Royal Dutch Shell, up 47p at £19.06, could tie up with BP, 11½ higher at 582p. However, with BP buying 343,000 shares for cancellation on Thursday at between 559p and 560p a share, the oil giant cannot be in merger talks. Dealers said the shares were likely to be finding support from steady oil prices.
Elsewhere, Tullow Oil put on 16½ to 392¾p, Premier Oil improved 47p to £11.77 and Dana Petroleum added 40p to £11.69.
Cairn Energy, which has recently been aided by vague talk that its Indian division could be a takeover target, rose a further 48p to £17.83. Citigroup lifted its rating on the oil explorer from hold to buy. Rightmove, the estate agency website, rose 8½ to 608½p, despite Connells selling 6.3m shares, reducing its stake to 21.2m shares – 16pc of the equity.
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/05/19/cxmktrep19.xml
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