Mol Gains for Second Day on Hungary Investment: Budapest Mover
Mol Nyrt. (MOL), Hungary’s largest refiner, rose for a second day after announcing a plan to spend more than 300 billion forint ($1.4 billion) on building plants, pipelines and storage.
The shares rose 0.5 percent to 18,435 forint by 10:03 a.m. in Budapest. The benchmark BUX stock index was little changed at 18,714.71.
The plans, which accelerate previously announced investment projects, include the construction of a plant in Tiszaujvaros, Hungary, for a new product serving as the raw material of synthetic rubber, and the reconstruction of pipelines and storage, Mol said.
The investment announcement is “positive” for the stock, Levente Blaho and Adam Keszeg, analysts at Raiffeisen Bank International AG (RBI), wrote in a research report today.
To contact the reporter on this story: Andras Gergely in Budapest at agergely@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
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