Bloomberg News

Lotos Jumps to 7-Month High as Oil Gains on Europe Debt Relief

April 17, 2012

Grupa Lotos SA (LTS), Poland’s second- largest refiner, jumped to a 7 1/2-month high after oil climbed as a Spanish bond auction eased concern that Europe’s credit crisis will spread and slow economic growth.

The shares surged 4.5 percent to 30.1 zloty by 4:50 p.m. in Warsaw, the highest intraday level since Sept. 1. PKN Orlen SA (PKN), the country’s biggest oil company, climbed 4 percent to 38.19 zloty, the steepest advance since Jan. 17.

Oil rose 1.8 percent in New York as Spain raised more than its maximum target at a debt sale and the International Monetary Fund lifted its global growth forecast.

To contact the reporter on this story: Piotr Bujnicki in Warsaw pbujnicki@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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