Sunday 4 December 2016

Goodbody stops covering oil and gas sector

Published 24/04/2016 | 02:30

Goodbody Stockbrokers equity analysts have stopped covering the oil and gas sector. Thinkstock
Goodbody Stockbrokers equity analysts have stopped covering the oil and gas sector. Thinkstock

Goodbody Stockbrokers equity analysts have stopped covering the oil and gas sector.

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A Goodbody spokesman said the move was part of a long-term strategy which it has been pursuing for a number of years.

"Goodbody has a long-term strategy, which we have been pursuing for a few years, to focus our equity research on a small group of sectors where we have a competitive advantage, based on our knowledge of major Irish-listed companies, and to build out our coverage in those sectors beyond Ireland," the spokesman told the Sunday Independent.

Ending the coverage of oil and gas allows the firm to focus more of its resources on stocks in the area of business support and IT services, the spokesman added.

Conglomerate DCC is the major anchor in Goodbody's coverage of that sector. The sectors the company now covers are financials and property, gaming and leisure, airlines and travel, food and beverage, industrials (including areas like building materials and paper and packaging), and business support and IT services.

It also covers recruitment firm CPL, financial software company First Derivatives, and mining equipment firm Mincon.

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