STOCK WATCH

IRISH oil and gas firm Providence Resources sank by nearly 30pc after rumours that it had made a mammoth discovery turned out to be untrue.

Last week, the firm rallied to 9.5p after rumours circulated on Twitter that the firm had made a significant gas discovery at its Drombeg prospect off the Irish coast. But yesterday, the firm reported that it had hit water-bearing sand in the well, indicating that oil previously present at the location was not retained. Shares fell 29.7pc, or 2.38p, to 5.62p.