Oil prices steadied on Friday on a weaker dollar after the Federal Reserve kept rates unchanged, while bearish signs persisted that the world’s biggest crude producers would keep pumping at high levels to maintain market share, according to Reuters.
The U.S. central bank decided against raising interest rates from historic lows on Thursday, saying uncertainty about global economic growth had forced its hand.
The oil market had mixed reactions to the decision, with the weaker U.S. currency supporting oil by making it cheaper for non-dollar traders, but concerns over global economic weakness providing some counterbalance. Reuters Reports
On Thursday, Shares of Chesapeake Energy Corporation (NYSE:CHK), lost -4.33% to $8.61.
Chesapeake Energy Corporation produces oil and natural gas through acquisition, exploration, and development of from underground reservoirs in the United States. It holds interests in natural gas resource plays, counting the Haynesville/Bossier Shales in northwestern Louisiana and East Texas; the Marcellus Shale in the northern Appalachian Basin of West Virginia and Pennsylvania; and the Barnett Shale in the Fort Worth Basin of north-central Texas.
Shares of Mondelez International, Inc. (NASDAQ:MDLZ), inclined 1.58% to $43.72, during its last trading session.
Two months after Mondelez International separated its European cheese and spreads business into a standalone unit, a senior executive said on Tuesday a selloff is not on the cards for now, rebutting speculation of a divestment, according to Reuters.
The maker of Cadbury chocolate and Oreo cookies said last year it would create a separate unit for the business, which sells Philadelphia cream cheese and other grocery brands, sparking talk that the unit would eventually be sold.
“There were market rumours on that, like there are frequently. We presently have no intention,” Mondelez Europe’s president, Hubert Weber, told Reuters. “Of course, we’re always looking at the different parts of our portfolio, but there is no intent presently to change our approach to cheese and grocery.”
Weber said the cheese and grocery business had to be separated from Mondelez’s coffee business, which was just combined with that owned by D.E Master Blenders. Reuters Reports
Mondelez International, Inc., through its auxiliaries, manufactures and markets snack food and beverage products worldwide. The company offers biscuits, counting cookies, crackers, and salted snacks; chocolates, and gums and candies; powdered beverages and coffee; and cheese and grocery products.
Finally, Hertz Global Holdings, Inc. (NYSE:HTZ), ended its last trade with -0.42% loss, and closed at $19.11.
Hertz Global Holdings, sold a $100 million stake in CAR Inc., sending shares of the Chinese car-rental company that it invested in April 2013 lower, according to Bloomberg.
CAR’s shares slumped as much as 7.3 percent in Hong Kong and traded at HK$12.88 at 10:08 a.m. Hertz had agreed to place 59.57 million shares to an unrevealed third party at HK$13.01 per share, representing a 5.6 percent discount to the closing price on Wednesday. Hertz still owns about 13.6 percent of the company after the sale.
Hertz bought a 19 percent stake in CAR in 2013 with the aim of driving greater outbound business from China as the Hertz brand becomes more established in the country. CAR, based in Beijing, held its initial share sale in Hong Kong in September 2014.
Representatives for Hertz didn’t right away reply to an e-mail sent outside regular business hours seeking comment on the reason for the sale. Bloomberg Reports
Hertz Global Holdings, Inc., through its auxiliaries, rents and leases cars and trucks in the United States and internationally. It operates in four segments: U.S. Car Rental, International Car Rental, Worldwide Equipment Rental, and All Other Operations.
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