Dateline 2018-09-26, Marketpulse:
The rise in the price of crude oil to a four-year high of US$80 (RM331.20) a barrel has lifted over 20 oil and gas (O&G)-related stocks on Bursa Malaysia.
Bloomberg data shows five stocks have risen over 12% since Monday to the close of market yesterday as crude oil prices extended gains on prospects of tighter global supply availability, while 15 others rose between 1% and 10%.
The stock that has increased the most over the span of three trading days was Deleum Bhd which closed at RM1.14 yesterday, 16.92% higher than its close last Friday of 98 sen a share.
The company had recently secured three new contracts from Petronas Carigali Sdn Bhd, Sarawak Shell Bhd and Sabah Shell Petroleum Co Ltd for provision of integrated corrosion solution and oilfield services.
Deleum has a market value of RM461.29 million and its stock had returned 27% year-to-date, trading at 14 times its estimated earnings per share for the coming year.