FTSE Gains After China Positive Data

As markets move higher after Friday’s reasonable US jobs figures, as well as positive Chinese trade data over the weekend, one of the biggest gainers in Cairn Energy.

The exploration group, which currently has no producing assets, has jumped nearly 9% or 13.7p to 171.6p after it announced a second oil discovery off the coast of Senegal. It said it had found oil at its SNE-1 well, close to the FAN-1 well where it made a discovery last month, and suggested it could hold 150m to to 670m barrels of recoverable reserves.

Some traders suggestes that the success could allow the company to sell part of its 40% share of three blocks in Senegal to fund exploration work in Europe and Morocco.

via The Guardian

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza