Devon Energy leaps 11pc on WPX Energy deal

Business | 29 Sep 2020 9:10 am

One of the big worries hurting stocks this month has been fears that the market climbed too high and got too expensive through its 60 percent rally from late March into early September.

But several companies announced big mergers and acquisitions, which show that at least some CEOs see value at current prices.

Energy stocks made broad gains after Devon Energy and WPX Energy agreed to combine in an all-stock deal. Devon Energy led the S&P 500 companies higher, climbing b y 11.1 percent. WPX Energy won 16.4 percent.

Cleveland-Cliffs jumped by 11.6 percent after it said it will buy the U.S. business of steelmaking and mining giant ArcelorMittal for US$1.4 billion. ArcelorMittal’s U.S.-listed stock won 10.6 percent.

Another strong gainer was Uber, which added 3.2 percent after it won an appeal that will allow it to keep operating in London..-AP


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