Friday, June 25, 2010

Feel the Chinese energy

No, it's not about chi or anything feng sui. Chinese energy is up today while the rest of the market is flat.

CNOOC (CEO) is expanding its presence in South America. The company agreed in March to buy a 50% stake in Argentina's Bridas Energy Holdings. Bridas is currently a potential buyer of BP's Pan American Energy (Brazil).

The move by CNOOC isn't a surprise now that BP is raising cash to offset the unprecedented expenses coming as a result of its Deepwater Horizon catastrophe. Shares are up for CNOOC by 2% to 175.59.

Oil and energy aren't the only movers in China. Trina Solar (TSL) has gained 3.92% to 18.30 after agreeing to build a 1.2 MW solar system at the University of Queensland in Australia.

Yingli Green Energy (YGE) is up 3.4% to 10.63 after announcing a deal with DC Power. No dollar amounts were revealed, though.

STP, which was downgraded this week, moved up 1.82% to 9.51 on the bullish news in the sector.

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