Jul 8, 2013

Posted by in Featured, Stock Market News | 0 Comments

Most Notable Gainers: Royal Dutch Shell PLC (NYSE:RDS.A) and Apache (NYSE:APA)

Most Notable Gainers: Royal Dutch Shell PLC (NYSE:RDS.A) and Apache (NYSE:APA)

Apache (NYSE:APA) shed 2% last week, as doubts regarding Egypt impacted on the stock. Apache owns 9.7 million acres in Egypt’s Western Desert, though just 18% of that land has been developed.

Egypt was hammered by more disturbances Friday, after the army’s removal of its president, Mohammed Morsi, on Wednesday.

Egyptian security forces opened fire at pro-Morsi demonstrators on Friday and three people were killed, as per reported by a BBC report. On Friday, top advancers consisted of Apache Corp., APA, with shares higher 2.4%.

Issues regarding the Middle East and a possible supply disruption picked up fire on Friday, and oil futures exceeded $102 per barrel.

Oil futures concluded the week at their biggest weekly rise since February 2012. Egypt’s Suez Canal, which links the Mediterranean and Red seas, is a significant shipping route for crude oil discovered in the Middle East and North Africa. The SPDR Energy Select Sector, an exchange-traded fund specialized on energy names, rallied 1.2%.

US-registered shares of Royal Dutch Shell PLC (NYSE:RDS.A) plunged back 0.3%. Shell reported on Friday that a June 19 incident on a pipeline caused its worst oil spill in Nigeria in 2013, 2,700 barrels, although they said almost 2,000 barrels were burned off. The spill was a consequence of theft, Shell reported.

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