London Markets: Tullow Oil sinks in otherwise-flat London markets as election wait begins [MarketWatch]
TULLOW OIL PLC UNSP/ADR (TUWOY)
NASDAQ:AMEX Investor Relations:
tullowoil.com/investors
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Source: MarketWatch
Tullow Oil sinks in otherwise-flat London markets as election waits begins Tullow Oil shares lost more than half their value on Monday, after the oil and gas company cut guidance and its chief executive resigned, in otherwise-sluggish London markets. The FTSE 100 index UKX, -0.01% slipped 0.2% to 7,225.56, weighed down as the British pound continued to rise. The pound GBPUSD, +0.0609% gained 0.2% to $1.3169, as a weekend poll from the Financial Times showed a 10 percentage-point lead for the ruling Conservative Party over the Labour Party ahead of the Dec. 12 general election. A strong pound tends to be negative for U.K.-based multinationals — many of which are listed on the FTSE 100 — that generate most of their revenue outside the country. Tullow TLW, -69.21% shares slid 60% after the company said 2019 output fell significantly below expectations , suspended its dividend and said Chief Executive Paul McDade had resigned with immediate effect. “The news represents a continua
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