Mol Nyrt. (MOL), Hungary’s largest refiner, climbed the most in more than two months as rising optimism that U.S. President Barack Obama will reach a budget deal with lawmakers boosted appetite for riskier assets.
The shares rose 2.6 percent to 17,680 forint by the end of trading in Budapest, the biggest rally on a closing basis since Sept. 14. The number of shares traded was 1.5 times the stock’s three-month daily average volume. The benchmark BUX stock index, in which Mol has the biggest weighting at 33 percent, jumped 1.2 percent, the most in two months.
European stocks rose to their highest level in three weeks and oil rose for the first time in four days after U.S. House Speaker John Boehner expressed optimism that Congress will reach a deal to prevent the so-called fiscal cliff.
Boehner’s statement “helped break the gloom” in trading, Gergely Tardos, a Budapest-based analyst at OTP Bank Nyrt., Hungary’s largest lender, wrote in a research report today.
To contact the reporter on this story: Andras Gergely in Budapest at firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com