Winners and Losers: Oil and gas company spikes as Middle East hostilities resume
Conflict in the Middle East drove up oil prices last week, a wave that investors in South Australian companies caught.
With renewed Middle East hostilities once again spiking the price of oil to two-month highs (up 7 per cent), local players enjoyed a slight boost in their share prices.
Oil and gas giant Santos (valued at $26.66 billion), saw its shares get a slight bump (up 0.49 per cent).
While it was helpful for Vintage Energy – a smaller oil and gas player worth about $5 million whose founder, Nick Smart, recently died. Shares in the company doubled during the trading week to reach $0.0002.
The other major oil and gas company Beach Energy (worth $1.96 billion) saw its share price decline by 1.15 per cent.
Tech company Prophecy International had a strong week, with its shares rising by 41.51 per cent.
Meanwhile, hydrogen energy business H3 Energy saw its shares fall by 16.67 per cent, making it the week’s biggest Loser.
This followed the resignation of Richard King as a non-executive director, he would now be pursuing “other business activities in energy, oil and gas and minerals”, according to an ASX announcement from the company.
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Duxton Farms was another Loser for the week despite not making any announcements, and was followed by Clever Culture, Micro-X and Spacetalk.
The full list of Winners and Losers for the week ended September 4:
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