Surgut Preferred Shares Jump on Citigroup Top Pick: Moscow Mover
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Preferred shares of OAO Surgutneftegas rallied to a six-year high as Citigroup Inc. named Russia’s fourth-largest oil producer a top pick and raised its price estimate.
Preferred shares surged as much as 5 percent before trading up 4.4 percent at 23.23 rubles by 12:23 p.m. in Moscow, the highest intraday level since February 2007. The amount of shares traded was about 27 million, equivalent to 1.1 times the three-month average.