Gazprom overtakes China Mobile as world No.3 stock
MOSCOW, May 8 (Reuters) - Gazprom (GAZP.MM: Quote, Profile, Research) shares rose more than 5 percent on Thursday making the Russian gas behemoth the world's third biggest listed company by market value, a day after its chairman, Dmitry Medvedev, became Russian president.
Gazprom's stock closed up 5.34 percent, outpacing robust gains of the broader Russian index .MCX, to value the world's biggest gas firm at about $348 billion.
The price jump pushed the state-controlled firm past the world's biggest mobile carrier, China Mobile (CHL.N: Quote, Profile, Research), which has a market capitalisation of $341 billion.
Medvedev has said Gazprom could one day become the biggest listed company with a capitalisation of more than $1 trillion as the company has enough proved reserves to supply the world for a decade and the potential to keep supplies running for a century.
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But Gazprom, which supplies a quarter of Europe's gas needs, has far to go before surpassing the world's top two firms by market value -- U.S. major oil company ExxonMobil (XOM.N: Quote, Profile, Research) and China's Petrochina (PTR.N: Quote, Profile, Research).
Exxon's market value stands at around $476 billion, while Petrochina's market capitalisation is $447 billion. (Reporting by Dmitry Zhdannikov; Editing by Quentin Bryar)
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