Oct. 2 (Bloomberg) -- INA Industrija Nafte d.d., the Croatian refiner controlled by Hungary’s Mol Nyrt, rose to a record after the company was reinstated on the Crobex10, the Zagreb stock exchange index of 10 leading companies.
INA’s stock rose 0.3 percent, or 12.25 kuna, to 4,500 kuna at 11:21 a.m. in Zagreb, marking a 27 percent increase since this year’s low on April 6. INA returned to the Crobex10 index yesterday after being excluded for more than a year because of a trading suspension.
“Index funds are buying the stock to rebalance their portfolios after INA was reinstated,” Milan Potnar, an equity analyst at Soc-Gen Splitska Banka d.d., said by phone.
Mol holds a 49.1 percent stake in INA, while the Croatian government owns 44.84 percent. The government in the last two years has attempted to increase its influence in INA, after Mol won controlling rights to Croatia’s largest refiner in 2009.
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