OAO Mostotrest, the bridge and road builder part-owned by Vladimir Putin’s judo partner Arkady Rotenberg, climbed for the first time in six days on speculation the company will benefit from his Winter Olympics contracts.
Mostotrest gained 1.8 percent, the most since Feb. 25, to 139.15 rubles by 5:13 p.m. in Moscow. The amount of shares traded was about 93,000, equivalent to 72 percent of the three-month daily average.
Rotenberg’s companies have been awarded at least 227 billion rubles ($7.4 billion) of contracts for the 2014 Sochi Games, according to figures compiled from corporate and government filings. The bulk of Rotenberg’s Olympic contracts are held by Mostotrest, according to the company website. Rotenberg and partners, including his son Igor, gained control of Mostotrest in 2010, just before the company raised $388 million in an initial public offering.
“The stock lost a lot of steam last week,” Ksenia Arutyunova, an analyst at Rye, MAN & Gor Securities, said by phone from Moscow. “Rotenberg’s participation in the Olympic projects is supporting the stock, since he, as their main shareholder, will guarantee them success in the Olympic ventures.”