Mol Rebounds From Biggest Decline in 15 Months: Budapest Mover
Mol Nyrt., Hungary’s biggest refiner, rebounded from its steepest slump in more than 15 months.
Mol’s shares rose as much as 1.8 percent and traded 0.5 percent higher at 17,685 forint by the end of trading in Budapest. The volume was 134 percent of the stock’s three-month daily average. The benchmark BUX stock index, in which Mol has the second-biggest weighting at 31 percent, advanced 0.2 percent.
Mol dropped 5 percent on Feb. 8 after Dana Gas PJSC sold 1.675 million shares in the refiner to help refinance its Sukuk debt. The transaction, which Bloomberg News first reported on Feb. 7, was confirmed by Dana in a statement yesterday.
“A near-term correction in the share price is quite likely after similar events,” Peter Csaszar, a Warsaw-based analyst at KBC Groep NV, wrote in a research report today.
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