Mosenergo Hits Five-Month High on Moscow Mayor Ouster

OAO Mosenergo jumped for a second day, advancing to a five-month high on speculation the ousting of Moscow Mayor Yury Luzhkov will boost the power utility’s market share in the capital.

The stock advanced 5.9 percent to 3.53 rubles at the 6:45 p.m. close in Moscow, its strongest since April 29. The shares added 4.3 percent yesterday.

Luzhkov’s firing on Sept. 28, after 18 years in power, deprives OAO Moscow Integrated Power Co., Mosenergo’s main rival on the capital’s heating market, of its “staunchest ally,” Alexander Kornilov, a senior analyst at Alfa Bank, said by phone today. “It’s very positive for Mosenergo,” he said.

To contact the reporter on this story: at Jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.