ARMADA (5210) - Bumi Armada rises 7% on Angola oil output
KUALA LUMPUR (Feb 20): Bumi Armada Bhd rose as much as 7% after the group said its floating production, storage and offloading (FPSO) unit in Angola achieved its first oil output.
Last Friday, Bumi Armada said the FPSO unit Armada Olombendo achieved oil production at Angola's Block 15-06 on Feb 8 this year for Eni SpA.
Today, Bumi Armada shares climbed to their highest so far at 77.5 sen.
At 11:43am, the stock was traded at 77 sen with some 62 million shares traded.
Bumi Armada was Bursa Malaysia's second most-active stock. From a fundamental viewpoint, AmInvestment Bank Bhd analyst Alex Goh said AmInvestment maintained its "hold" call for Bumi Armada shares with an unchanged target price of 64 sen.
Goh said in a note today, "Although (Bumi Armada is) at an earnings inflection point this year, the low asset utilisation remains a concern for the group's offshore support vessel division."
RHB Research Institute Sdn Bhd offers a technical viewpoint on Bumi Armada shares. RHB analyst Lew Chee Hao wrote in a report today RHB had set its immediate resistance level at 84 sen for Bumi Armada shares, followed by RM1.
ARMADA (5210) - Bumi Armada rises 7% on Angola oil output
http://www.theedgemarkets.com/my/article/bumi-armada-rises-7-angola-oil-output?type=Corporate
