Petrofac, the oil services company, is missing out on the bounce given to the sector by a rise in commodity prices.
Its shares have dropped 23.5p to 951.5p after a couple of broker downgrades. Goldman Sachs has moved its recommendation from buy to neutral while Bank of America/Merrill Lynch has cut from neutral to underperform with a 930p price target. Merrill said:
We believe that the stock is at the stage that it is priced for perfection offering no room for disappointment.
Elsewhere the UK market has managed to stay in positive territory despite an opening dip on Wall Street after poor durable goods figures and a lower than expected rise in new home sales. The FTSE 100 is currently 25.15 points higher at 5104.42.
