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Weir Group shares drop as it flags “considerable softening” in demand

Published: 10:30 06 Sep 2018 BST

oil and gas operations
Weir shares were down 6%

Weir Group Plc (LON:WEIR) shares weakened in early deals on Thursday after the company flagged a recent ‘softening’ in demand.

The oil industry engineering and services group this morning issued a statement as it conducts its “usual investor roadshow” in London.

In the statement, it said: “Given updates from oil and gas industry peers in recent days the company expects to discuss current North American oil and gas market conditions. 

READ: Thursday’s top stock market movers

“Those market conditions were in line with management expectations through to mid-August.  In the last two weeks of August activity levels supporting our Oil & Gas aftermarket business remained as expected, albeit with initial signs of pricing pressure. 

“However, there was a considerable softening in demand for original equipment and some order book delivery deferrals.”

In London, Weir shares were down 119p or 6.66% to 1,669p.

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