Russia’s oil giant, Rosneft, saw its capitalization soar beyond $90.8 bln during trading on the London Stock Exchange (LSE), beating British multinational oil and gas behemoth BP whose capitalization is $87.8 bln, according to trading data, Trend reports with reference to TASS.
Rosneft’s share price climbed 3.4% on Monday morning on the Moscow Exchange, hitting an all-time high of 628.35 rubles ($8.7) per share. The Russian oil giant’s GDRs added 3.15% pushing it to $8.56 per share. Thus, Rosneft’s capitalization soared past 90.7 billion to overtake BP’s $87.8 bln on this score.
The Russian oil producer has seen its value surge 42% year-to-date, compared to the 27.6% rise in the index of fuel and energy companies on the Moscow Exchange. Investment analysts believe Rosneft’s securities are being driven upward by expectations of high dividend yields and prospects on the Vostok Oil project.