Wellstream among the risers

Jan 23 2009 by Graeme King, The Journal

SHARES on the FTSE 100 index rebounded during the morning’s session following a rally on Wall Street overnight as banking stocks regained some of their losses.

However once again the rally was short lived as US jobless claims came in 49,000 higher than expected sending the market lower by the end of the day.

Oil services company Wellstream was one of the biggest risers during the day as its shares cheered 21p or 5.9%. The Newcastle company which has manufacturing facilities in Brazil and the USA employs more than 1,000 people and designs and manufactures pipeline products for fluid transport in the oil and gas industry.

Wellstream counts companies such as Petrobras, ExxonMobil and BHP Billiton among its customers. The company’s recent trading update confirmed that results for 2008 should be in line with expectations and that growth for 2009 was on track. By close of business the shares were had slipped slight but were still 2.7% higher at 388p.

Elsewhere in The Journal North 40 list of companies, property development and construction group Metnor announced that Peter Cussins is to step down from his position as group chairman effective from 15th April 2009.

The company said: “While Mr Cussins has only been with the Group for two years he has made a significant and valued contribution for which the Board remain grateful.”

The appointment of a new chairman for Metnor will be announced in due course. The company’s shares remained unchanged at 75p.

Fiona Erdozain fionae@brewin.co.uk