CNOOC Ltd shares surged as much as 44% in their Shanghai debut on Thursday, defying broad market weakness, as investors sought safety in the Chinese oil giant amid high energy prices and quickening inflation.
After opening 20% higher, CNOOC shares immediately shot up 44% on the Shanghai Stock Exchange, hitting a price ceiling for the day and triggering a 30-minute trading halt. The stock ended the session up 27.7%.that slumped more than 2% amid COVID-19 lockdowns and geopolitical tensions."CNOOC is being chased by investors who are seeking shelter in big caps with relatively low valuation and high dividends," said Linus Yip, chief strategist at First Shanghai Group.
The Shanghai listing "is a key milestone in the company's history," CNOOC Chairman Wang Dongjin said in a statement. Chen Shuxian, an analyst at Cinda Securities, said in a note on Thursday that "CNOOC represents historic investment opportunities, thanks to high oil prices, low valuation, and consistently high dividend yields," adding the company's market cap has potential to double over the next few years.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Scherzer Allows 1 Hit In Home Debut As Mets Sweep Giants, 3-1Max Scherzer pitched no-hit ball into the sixth inning of his anticipated home debut and the New York Mets rode their $130 million ace to a 3-1 victory over the San Francisco Giants on Tuesday night for a doubleheader sweep.
Read more »
WTI steadies around $103.00 on renewed demand-supply worriesWest Texas Intermediate (WTI), futures on NYMEX, is oscillating in a narrow range of $101.63-103.21 in the Asian session as both catalysts of oil pric
Read more »
All-new BMW 7 series revealed – high performance M760e and i7 to rival S-class and EQS | EvoThe competition is hot in the limo market, with BMW’s striking new 7 series debuting in PHEV and EV forms
Read more »
Mercedes-Benz presents all-electric 2023 EQS SUV | Car News | Auto123Mercedes-Benz has officially debuted the EQS SUV all-electric model, coming to market in Canada in the last quarter of 2022.
Read more »
'Another Loss For Big Oil': CA Lawsuits Against Fossil Fuel Giants Head to State Court'It's time to make polluters pay,' said one advocacy group.
Read more »