Wonder App Stokes Yandex Gains on Ad Prospects: Russia Overnight
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Yandex NV rose the most in three weeks on prospects the Russian Internet company’s new social-media search application will lure more mobile users and boost advertising revenue.
Yandex climbed 2 percent to $23.20 on the Nasdaq Composite Index yesterday, pushing its valuation to 20.1 times estimated earnings, the highest level since Jan. 16. The Bloomberg Russia-US Equity Index of the most-traded Russian companies in the U.S. rallied 0.6 percent. RTS stock index futures rose 0.9 percent to 161,920 by 4:38 p.m. in Moscow.