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Thursday, September 27, 2007

Surgutneftegas soars as chief denies rumors

RBC, 27.09.2007, Moscow 09:54:25.On Wednesday, Surgutneftegas once again became the biggest gainer on the stock market, when its preferred shares surged 9.15 percent on MICEX and 8.99 percent on the RTS. The trade volume hit a new record high of 187.2m shares. According to today's RBC Daily newspaper, Surgutneftegas has been trading actively since the beginning of summer. Market participants say that traders have been keen to scoop up the stock, with the trade volume peaking on MICEX on August 13 at RUR5.48bn (approx. USD291m), a record that was beaten the following day with RUR7.78bn (approx. USD311m) (in both common and preferred shares). However, the trade volume reached an all-time high of RUR9.9bn (approx. USD396m) on August 27, when Surgutneftegas preferred shares soared 6.77 percent and common shares rose 2.67 percent on MICEX on the back of rumors of a possible merger with the state company Rosneftegaz. The most recent jump followed Surgutneftegas General Director Vladimir Bogdanov's statement denying rumors of the state wanting to take over the company, when the chief referred to such reports as speculative play. On the back of this news, on Wednesday preferred shares soared 9.15 percent to RUR16.335 (approx. USD0.65) on MICEX and 8.99 percent to USD0.65 on the RTS. The trade volume on MICEX amounted to RUR2.98bn (approx. USD119m), while a new record was set in the number of deals, as 187.2m shares changed hands 14,861 times.

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