The shares of Romania’s leading oil company OMV Petrom (SNP.RO) rose 0.95% after the group announced Wednesday morning that its net profit rose 22% to a record 4.82 billion lei (EUR1.07 billion) in 2013, fueled by favorable crude oil prices and lower costs.
The result was above the market consensus of RON4.75 billion. In 2012, Petrom, the Romanian arm of Austria’s OMV (OMV.VI), reported a net profit of RON3.95 billion.
At 11:00 local time (GMT0900), the Bucharest market’s BET index was up 0.60% from Tuesday closing level, while composite index BET-C was rising 0.47%.
BET-FI, which tracks Fondului Proprietatea (FP.RO) and the five regional investment funds SIFs, fell 0.15%, dragged down by SIF Banat-Crisana (SIF1.RO), SIF Muntenia (SIF4.RO) and SIF Moldova (SIF2.RO), which saw declines of 0.66%, 0.33% and 0.69% respectively.
Bucharest benchmark index BET-BK was up 0.27% on the day, while energy stocks tracker BET-NG gained 0.56%.
The bourse’s turnover was reduced, with share transfers reaching 3.1 million lei (EUR692.454 million). Top-traded issuers included OMV Petrom, Nuclearelectrica (SNN.RO) and Transgaz (TGN.RO). (EUR1=RON4.4873)