Mol Nyrt. advanced the most in seven months as concern eased that the chairman of Hungary’s largest oil refiner will be extradited to Croatia and after a U.S. jobs report bolstered optimism about the world’s biggest economy.
The stock jumped 5.1 percent to 20,920 forint at its 5:07 p.m. close in Budapest, the biggest one-day gain since Dec. 3, as 326,000 shares changed hands, or more than double the three-month daily average. The BUX index of companies, where Mol has a 29 percent weighting, rose 1.7 percent, the most in a month.
Mol tumbled 4.8 percent in the previous two days to this year’s low after Croatia requested Hungary’s legal assistance in a probe into the company’s unit, INA Industrija Nafte d.d. Croatia’s prosecutor general yesterday denied a newspaper report that the country had requested the extradition of Zsolt Hernadi.
“The denial of a report on Hernadi’s extradition to Croatia eased the pressure on Mol shares,” Peter Csaszar, an analyst at KBC Securities in Warsaw, said by phone. “After the steep decline in the stock of recent days, the current price could be an attractive entry level for some investors.”
Mol’s selloff pushed the shares’ 14-day relative strength index to 27 yesterday. A reading below 30 indicates to technical analysts a security may rise. The RSI for Mol rose to 41 today.
Hungarian shares extended gains and the forint rose to its strongest in nearly 15 months after ADP Employer Services said U.S. companies added 157,000 workers to payrolls in June, driving investor demand for stocks and commodities worldwide.