SINGAPORE – In the current quarter to date, the three best-performing energy/oil & gas-related stocks with market cap above $100 million, averaged a total return of 105.3 per cent, the Singapore Exchange (SGX) said in a research note on Tuesday (Nov 19).
The three stocks were Rex International (+144.9 per cent), PACC Offshore Services (+115 per cent), and Mermaid Maritime (+56.1 per cent). This brings their year-to-date total return to 95.7 per cent, SGX said.
Overall, SGX’s energy/oil & gas sector generated a total return of 7.6 per cent in the month of October, the second straight month of positive returns after September’s +0.3 per cent, and a reversal from the -8.9 per cent return in August.
This comes after the WTI (West Texas intermediate) crude gained more than 10 per cent since early October, as Washington and Beijing inched closer towards resolving their trade dispute, which has weighed on market sentiment, oil demand and global growth, the Singapore bourse explained.
Earlier this week, the US oil benchmark held near eight-week highs – just below US$60 a barrel – on signs of progress towards a breakthrough in US-Sino trade negotiations.
According to the local bourse operator, Singapore is a focal point for the oil and gas industry, as it is Asia’s largest physical oil trading hub, and price discovery centre.
SGX lists 12 energy/oil & gas-related stocks with a market cap above $100 million. These 12 players have a combined market cap of more than $18 billion. They span a range of upstream and downstream operations such as oil exploration and production, subsea and offshore drilling services, offshore marine services, coal mining, as well as jet fuel and petrochemical product suppliers.