Egypt joins Geneva negotiations on Global Plastics Treaty, calls for urgent agreement    Egypt delivers over 30 million health services through public hospitals in H1 2025    Madinet Masr in talks for three land plots in Riyadh as part of Saudi expansion    Egypt's PM tells Palestinian PM that Rafah crossing is working 24/7 for aid    Egypt, Japan discuss economic ties, preparations for TICAD conference    Real Estate Developers urge flexible land pricing, streamlined licensing, and dollar-based transactions    Egypt's Sisi pledges full state support for telecoms, tech investment    EGP inches down vs. USD at Sunday's trading close    EGX launches 1st phone app    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Petrobras Tops Oil Stock Gains, Arch Coal Soars
Published in Amwal Al Ghad on 28 - 07 - 2012

A 188-point spike by the Dow, a string of pleasant earnings surprises, firmer oil prices and a vow by Germany and France to defend the euro sent energy stocks higher Friday, leaving the sector with modest gains for the week.
Brazil's Petrobras PBR led percentage gainers on the NYSE Arca Oil Index on a 4.7% advance to $20.47, followed by a 3.9% rise for shares of France's Total SA TOT to $45.92.
Petrobras, along with other big oil producers, benefitted from a 74-cent rise in September crude-oil futures in New York, where a barrel of light, sweet crude closed at $90.13. See the latest on crude-oil prices.
Total rallied early Friday following French President Francois Hollande and German Chancellor Angela Merkel's vow to do “everything possible to protect the euro zone."
Their comments, aimed at bolstering confidence in the euro, spurred a 188-point surge by the Dow Jones Industrial Average DJIA to 13,056 points, the first time the index had topped the 13,000-mark since May.
The NYSE Arca Oil Index XOI closed 1.4% higher at 1,207.51 points, finishing the week with a 0.9% gain.
Chevron Corp. CVX, a Dow component and the second-biggest U.S.-based oil company after Exxon Mobil XOM , reported its second-quarter profit fell 6.8% to $3.66 a share, pressured by a double-digit drop in its exploration and production operations. See Chevron's latest results.
Chevron's results topped the $3.24 a share Wall Street analysts had expected, and while the stock it struggled early in the session, it finished with a 0.9% gain at $109.26, three dollars shy of its 52-week high in March.
Arch Coal Inc. ACI shares rocketed 29% to $6.80 after reporting a much narrower second-quarter loss than feared. Wall Street analysts had predicted Arch would lose 18 cents a share in the quarter. The company surprised them with a 10-cent per-share loss. Read about Arch Coal's second quarter.
Wholesale power generator Calpine Corp. CPN turned in a second-quarter loss of 69 cents a share, deepening its year-ago loss of 14 cents a share. Analysts had expected the company to break even in the latest quarter. Calpine shares nevertheless managed to eke out a 1.4% gain for the day, closing at $17.87, as analysts focused on the competitive cost advantages of its natural gas-fired fleet of power plants, especially in the western states. Read about Calpine's loss.
Elsewhere in the energy patch, the NYSE Arca Natural Gas Index XNG rose 1.5% to 645.3 points, leaving it with a 1.4% gain for the week.
The Philadelphia Oil Service Sector Index OSX rose 2.7% Friday to 225.1 points, good for a 4% advance for the week.
Marketwatch


Clic here to read the story from its source.