Weir slips on oil woes

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Weir slips on oil woes
Master Investor Magazine

Master Investor Magazine 60

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The price of shares in FTSE 250-listed engineers Weir Group (LON:WEIR) fell 2.23% to 720.4p (as of 12.53pm GMT) following the release of a trading update detailing the impact of Covid-19. The firm highlighted the disruption to operations and supply chains caused by Covid-19 and anticipated further challenges.

While Minerals and ESCO remained relatively robust, the company warned that the decline in oil prices has already begun to negatively impact orders in North America and said it expects this to worsen through 2020.

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