The resumption of share trading for companies from the Rompetrol group has translated into a significant rise in quotes, with the increase spreading to other issuers involved in the petroleum business.

Yesterday, Rompetrol Rafinare Constanta (RRC) increased its share price by 14.3%, Rompetrol Well Services (PTR) by 14.7% and Rompetrol Bucuresti (VEGA) by 24.8% - the highest increase allowed by the listed market segment. The trend emerged after coming close to the maximum fluctuation limit allowed on Monday prior to the suspension. RRC gained 30% in the last two days.

The Brokers Association requested the National Securities Commission (CNVM) to look into all transactions conducted with Rompetrol Rafinare Constanta shares on Monday. The Brokers Association states that the Bucharest Stock Exchange was notified of the transaction long after the session closed and therefore allowed the information to be published, failing to insure investor protection. The surprise deal altered the expectations of the investors on the market, and made analysts change their assessments of the listed companies in the Rompetrol Group. Other petroleum companies that witnessed an increase yesterday include Oil Terminal (OIL), Conpet (COTE) and Energopetrol (ENP), which grew by the maximum level allowed under market regulations.

"I was surprised by the multiples at which the transaction to sell the group was conducted. They are much higher than those at which Romanian companies in this field are trading. The high price can either be explained by KazMunayGaz's intention to enter the European market, or by the possibility to integrate the operations of the two companies in order to gain a higher net profit," says a capital market analyst for Romania.

Brokers continue to expect upward trends from the issuers that are connected to the petroleum sector, at least in the