STOCK WATCH

SHARES in oil and gas minnow Cluff Natural Resources shed more than 8pc of their value after billionaire trader Michael Spencer increased his holding in the group.

Spencer’s IPGL owns 11.8pc of Cluff, which was set up by North Sea veteran Algy Cluff.

Last week Cluff announced it had teamed up with Royal Dutch Shell, which bought stakes in its gas licences in the British North Sea.

Cluff shares closed down 8.9pc, or 0.28p at 2.8p.