Torchlight shines bright as it bids farewell to troubled oil market

Meta Materials

21/09/2020 15:06

** Oil producer's shares  TRCH.O  rise 25% to 37 cents, hits
highest in over a month
    ** TRCH buys advanced materials maker Metamaterial Inc
 MMAT.CD , announces plans to divest all oil and gas assets to
current shareholders by June 30, 2021
    ** Metamaterial shareholders to own 75% of combined co; deal
intended to reposition TRCH as a 'cleantech' and technology firm
 urn:newsml:reuters.com:*:nACSDv3sfa
    ** Oil and gas companies have had a rough year with the
COVID-19 pandemic eroding demand and investors favoring
businesses with a lower environmental footprint compared to
fossil fuel industry
    ** TRCH among very few oil companies in the green on Monday;
S&P Energy Sector index  .SPNY  down 4%
    ** So far this year, TRCH shares have lost ~54% in value
while .SPNY has lost >47% value

 (Reporting by Shariq Khan in Bengaluru)
 ((Shariq.Khan@thomsonreuters.com; Twitter: @shariqrtrs))