Russian Equity Movers: Magnit, Severstal, Razgulay Are Active
The 30-stock Micex index rose 1.5 percent to 1,597.67 at the close in Moscow, snapping two days of declines. The dollar-denominated RTS index added 1.6 percent to 1,734.99.
The following were among the most active equities in the Russian market today. Stock symbols are in parentheses.
OAO Magnit (MGNT) (MGNT RX) jumped as much as 2.9 percent and traded 1.9 percent stronger at 3,652 rubles. Russia’s largest food retailer by market value climbed ahead of an increase in its weighting in the MSCI Russia gauge as the index provider MSCI rebalanced the measure.
OAO Razgulay (GRAZ) (GRAZ RX) surged 30 percent to 33.77 rubles, the biggest gain since May 2009. Kommersant reported that VEB, the state development bank, is in talks to acquire a 16.8 percent stake in the Russian grain producer as part of its debt restructuring.
OAO Severstal (CHMF) (CHMF RX) jumped the most in two weeks, adding 3.4 percent to 447.80 rubles. Russia’s second-largest steel producer will buy back 17 percent of its shares for $2.2 billion, Kommersant reported, citing bankers it did not identify. The buyback, which will be announced this week, is necessary to redeem treasury shares created during the spinoff of its Nordgold NV unit, according to the Russian newspaper. Severstal plans to buy back 170 million shares at an average price for the last four months’s trading, Kommersant reported.
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