Oil producer Reach Energy an attractive M&A target
With oil prices recovering to the US$70 level from its 2018 low of US$51.49 last December, the much besieged oil and gas (O&G) sector has come back to life. The first two months of the year saw renewed vigour for O&G stocks.
The appetite for all things O&G in the first quarter of the year was in contrast to the aversion to it in the last few years.
On the back of higher capital expenditure spending from Petroliam Nasional Bhd (Petronas) in 2019, oil stocks rallied with the likes of Sapura Energy Bhd 
and Dayang Enterprise Holdings Bhd taking the lead.
Not surprisingly, the O&G index has improved by 27.09% or 222.18 points on a year-to-date basis to 1,042.54.
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