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Article: Gaz-guzzler stocks motor ahead as oil drops
- Article from:
- The Independent (London, England)
- Article date:
- August 16, 2008
- Author:
CopyrightCopyright 2008 The Independent - London. Provided by ProQuest LLC. (Hide copyright information)
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MARKET REPORT
As the oil price fell from its lofty perch, dealers seized the
opportunity to buy shares in the gas guzzlers who will benefit the
most.
After hitting a record $147 a barrel in July, the price of crude
continued back down the slippery slope to $112 as economists
predicted that demand in Western countries faced the steepest
decline in 25 years.
FirstGroup runs more than 9,000 buses as well as operating
railway services in the UK and Greyhound coaches in the US, and will
be a major gainer from falling fuel prices, driving the shares up
23.5p at 581.5p
Carnival, the big cruise line company, has always been highly
sensitive to shifts in fuel prices and it too went better, up 68p at ...