Mail.ru Jumps Most in Six Weeks on Sales, Facebook: Moscow Mover
The depositary receipts rallied as much as 7.6 percent and traded up 3.3 percent at $33.25 by 9:51 a.m. in London.
Sales surged 37 percent to 4.97 billion rubles ($159 million) in third-quarter as users bought more games and virtual gifts, the company said in a regulatory filing. Mail.ru now owns a 0.75 percent stake in Facebook versus 1.34 percent reported in September, according to the filing.
The sale of the Facebook shares may have supported the stock, said Anna Lepetukhina, an analyst at Sberbank CIB. Investors may be “hoping that the company will share proceeds with shareholders and pay dividends,” she said.
Mail.ru sold about 16 million Facebook shares in October, spokeswoman Ksenia Chabanenko said by telephone. Based on an average price per share of $20.41 this month, Mail.ru may have earned $320 million from the sale, calculations by Bloomberg show.
To contact the reporter on this story: Ilya Khrennikov in Moscow at email@example.com
To contact the editor responsible for this story: Kenneth Wong at firstname.lastname@example.org