• Most Popular
  • Most Shared

Sinopec Corp jumps 1.8 pct after parent's Addax deal

Wed Jun 24, 2009 9:53pm EDT

Stocks

   

HONG KONG, June 25 (Reuters) - Shares in Asia's top refiner Sinopec Corp (0386.HK) jumped 1.8 percent at the open on Thursday, after its parent company embarked on China's largest-ever foreign oil acquisition.

The stock was set to open higher at HK$5.69 while its Shanghai listed shares (600028.SS) had gained 1.7 percent.

Sinopec Group agreed on Wednesday to buy Addax Petroleum Corp AXC.TO for about C$8.27 billion ($7.24 billion) to secure the Swiss oil explorer's high-potential oil blocks in West Africa and Iraq. [ID:nBNG477261] (Reporting by Parvathy Ullatil; Editing by Chris Lewis)



More from Reuters

Photo

Jobless claims up, labor market still healing

WASHINGTON (Reuters) - The number of workers filing new applications for jobless insurance unexpectedly rose last week, according to government data on Thursday that still suggested the labor market was improving.

» More Top News
A girl sits on her father's shoulders in front of a globe with an interactive display during an Earth Hour ceremony at the townhall square in central Copenhagen December 16, 2009. Credit: REUTERS/Christian Charisius

U.N. talks at "critical juncture"

Climate talks were given a second chance after the U.S. backed a $100 billion global fund to support poor countries. What else will it take to hammer out a deal?  Full Article 

Climate Conference
An office worker is reflected in the pavement as he walks with an umbrella in Singapore's financial district October 8, 2008.REUTERS/Vivek Prakash
Analysis:

Death of a salesman

Old-style sales reps may be fading thanks to a shift in the pharmaceutical market that has created a new gatekeeper in drug sales.  Full Article 

Healthcare