Live news: Shell shares soar on renewed focus on oil

The Financial Post brings you the top business stories as they happen for October 16, 2023. Read on for breaking news you need to know.

hit a record high as rising energy prices and the new chief executive’s stronger focus on the core oil and gas business attracted investors.

Van Beurden’s successor in the top job, Wael Sawan, has maintained the mid-century carbon target but is directing a greater proportion of the company’s investment into oil and gas. He is seeking to win over investors with higher returns stemming from a “ruthless” focus on performance and financial discipline.

However, Good points to “currency issues” as also being part of Shell’s rise. “U.S. dollar-based shares remain below their highs, so part of the move is lower pound and euro.”A welcome email is on its way. If you don't see it, please check your junk folder.U.S. equity futures fluctuated and Treasuries dropped as caution prevailed amid diplomatic efforts to contain the Israel-Hamas conflict.

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