Provident Bid Spurs Stout Share Price Gain for Canada's Meota

Oil Daily, The, August, 2002

Provident Bid Spurs Stout Share Price Gain for Canada's Meota

Shares of Canadian Meota Resources posted the highest gain among energy equities last week after rival independent producer Provident launched a friendly bid for the company, according to data compiled by John S. Herold.

In the broader market, the Dow Jones Industrial average rose about 0.3%, the Nasdaq climbed 4.2%, and the S&P 500 gained 2.2%. The S&P and Dow are on winning streaks -- recording gains in each of the last four weeks -- while the Nasdaq has posted two consecutive weeks of gains.

The oil markets rallied last week on more jitters of a possible US-led attack on Iraq and confusion about Opec's next move. Front-month crude on the New York Mercantile Exchange rose by $2.51 to...