Gazprom Becomes Most Valuable Company in Russia

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Russian gas conglomerate Gazprom, the largest in the world, has surpassed Sberbank in terms of market value on Tuesday, when the Mosbirzhi index renewed its record. As a result, Gazprom became the most valuable company in Russia.

By 15:00 Moscow time, Gazprom’s capitalization indicator almost reached 7 trillion – 6.973 trillion rubles. The company’s share price rose 1% to RUB 294.1, Russian media reported.

At the same time, the price of Sberbank shares fell by 1% to 304.38 rubles, and the capitalization of the country’s largest bank decreased to 6.572 trillion rubles.

The value of Gazprom is growing along with the Russian stock market – the demand for Russian shares is growing. An additional stimulus for growth was the abnormally high summer demand in the EU for Russian gas. The price of gas in the EU jumped to a new record of $465 per thousand cubic meters, up from $363 two weeks earlier.

The Moscow Exchange index, which reflects the ruble value of Russian shares, on Tuesday morning renewed its all-time high – rose 0.6%, for the first time exceeded 3900 and reached 3904.81 points by 10:00 Moscow time, and by 11:00 Moscow time rose to a new record of 3910, 51 points, according to trading data.