Shares in JKX Oil & Gas rose after Cascade Investment Fund sold its stake in the company

Shares in JKX Oil & Gas PLC rose after the company said that Cascade Investment Fund no longer owns any shares in the company, says Bloomberg.

In a regulatory filing, the London-listed energy company said that Cascade - a private company established in 1993 by Vitaliy Khomutynnik - previously owned 19,97% of its issued share capital.

Based on Thursday's closing price of 36 pence, the shareholding was worth 12.3 million pounds ($16.5 million).

Shares at 1440 GMT were up 3.80 pence, or 11% at 39.80 pence.