Sector movers: More gains for oil stocks

22nd Dec 2009 11:44

Oil stocks are again ascending. Cairn Energy, which continues its ascent from yesterday when it moved its highly-awaited Greenland drilling programme forward by a year, leads the risers. Shell, another strong gainer yesterday amid speculation chinese oil giants Sinopec and China National Offshore Oil Corporation (CNOOC) are thought to be readying bids worth about £3bn for the company's assets in Nigeria, is also higher.Oil equipment and service stocks are also climbing, including Hunting which rose yesterday after saying results this year will be 'towards the high end of market expectations' after good results from aviation offset weak exploration and shipping activity.The firm was boosted today by broker Panmure Gordon, which is advising clients to bag Hunting shares after the trading update, saying the company has 'turned the corner' and is set to further increase earnings.Top performing sectors so far todayPharmaceuticals & Biotechnology 8,938.30 +2.09%Oil & Gas Producers 8,188.54 +1.87%Oil Equipment Services & Distribution 15,439.42 +1.32%Personal Goods 10,601.99 +1.32%Industrial Engineering 3,822.60 +1.24%Bottom performing sectors so far todayAutomobiles & Parts 2,679.42 -0.26%