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31

Scottish Companies Struggling with Low Commodity Prices

Scottish companies in relevant sectors were dragged down as oil and commodity prices fell further yesterday

Scottish companies in relevant sectors were dragged down as oil and commodity prices fell further yesterday.

The Weir Group, heavily exposed to the mining sector, hit a fresh low as commodity prices such as metals tumbled. Shares closed down 38p at 387p. Temporary power supplier Aggreko eased 8.7 per cent to 443.5p.

Wood Group, the Aberdeen-based oil services company, fell in sympathy with the price of crude, on fears investment would be cut. Its shares closed off 7.6 per cent at 218.5p.

Oil producers also suffered with crude trading at the lowest level in 16 months as demand fears outweighed prospects of a production cut by Opec. Dana Petroleum eased 23.5p to 882p while Venture Production closed down 5.6 per cent at 387.25p and Edinburgh-based Melrose Resources lost 3.3 per cent at 280.5p.

Transport companies continued to struggle against fears for the economy and jobs market, Perth-based Stagecoach falling 5.5 per cent to 209p.

Wolfson Microelectronics eased slightly despite analysts at RBS predicting group sales would have been boosted by strong sales of the Apple iPhone in the third quarter. The company reports its Q3 results on Monday. Shares dropped 3.2 per cent to 69p.

British Polythene Industries was one of the day's few risers, climbing 2.5p to 217.5p.

Author: Jo Amey