Russian Equity Movers: OGK-3, Gazprom and Lukoil Are Active
The following were among the most active stocks in the Russian market today. Stock symbols are in parenthesis.
OAO OGK-3 (OGKC RX) jumped the most in almost two months, rising 2.8 percent to 1.72 rubles, after OAO EuroSibEnergo, a utility owned by billionaire Oleg Deripaska, offered $2 billion in cash to OAO GMK Norilsk Nickel for its controlling stake in the power generator.
OAO Gazprom (GAZP RX), Russia’s natural gas export monopoly, surged to its highest in more than seven months, adding 4.7 percent to 182.67 rubles after Troika Dialog said Gazprom stock may rise 42 percent in 2011. Troika’s chief strategist, Kingsmill Bond, said the stock will be re-rated as the company winds down its most “value-destructive” capital- spending programs.
OAO Lukoil (LKOH RX), Russia’s second-biggest oil producer, gained to the highest level in almost a month, increasing 3 percent to 1,791.13 rubles after crude gained as much as 2.2 percent to $85.95 on signs of accelerating growth in China and shrinking fuel inventories in the U.S.
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