Hot stocks: Energy counters soar on hefty volumes over fears of tightening oil supplies

SHARES of oil and coal companies soared in brisk trading on Tuesday (Jun 21) after oil prices rose on investor fears of a tightening oil supply as well as the declining gas exports from Russia due to the ongoing war.

Coal-miner Golden Energy and Resources (Gear) saw its shares jump 10.3 per cent or S$0.05 to an intraday high of S$0.535, with more than 7.7 million shares changing hands. Geo Energy Resources shot up 5.4 per cent or S$0.02 to S$0.39 as around 10.8 million shares were traded at 11.05 am. Gear shares ended Tuesday at S$0.525, up 8.3 per cent or S$0.04, while shares of Geo Energy added 6.8 per cent or S$0.025 to close at S$0.395.

Oil plays like RH Petrogas also reached an intraday high of S$0.25, rising 6.4 per cent or S$0.015, with 5 million shares changing hands, while Sembcorp Industries gained 4.7 per cent or S$0.13 to S$2.91 with 4.9 million shares traded before the midday trading break.