Russian Assets Sink on Oil price Collapse
Russia's rouble and shares hit new lows on Friday as oil prices collapsed after OPEC decided to leave its output unchanged despite heavy oversupply. At 1000 GMT, the rouble was around 2.2 percent below the previous close at 49.72 roubles per dollar, and 1.7 percent weaker against the euro at 61.94 roubles . It earlier hit an all-time low of 49.90 to the dollar. Traders said market moves were exacerbated by thin volumes, which mean that even small purchases of foreign currency were able to move the market. Brent crude was last trading at around $72 a barrel after falling as much as $6.50 a barrel a day earlier, when the OPEC oil producer group made known its decision not to cut its output targets.
Gazprom Sinks on China Blow, But Russian Stocks Rally
Russian stock indexes continued to rally on Tuesday, boosted by expectations that Russia will not intervene in Ukraine's political crisis while shrugging off negative news on the progress of gas talks between Russia and China. The latter, however, hit Russia's leading gas producer Gazprom, which fell 1.8 percent, bucking the generally positive market trend. The rouble-denominated MICEX index was up 0.8 percent by the close at 1,425.6 points, while the dollar-based RTS index had risen 0.7 percent to 1,298.6 points.
Russian Markets Hit as Putin tightens Grip on Crimea
Moscow stocks fall 10 pct, rouble down 2.5 pct over war jitters. Ukraine border guards say build-up of Russian armoured vehicles near Crimea. EU ministers meet but no immediate sanctions expected. Russia took a financial hit over its military intervention in neighbouring Ukraine, with its markets and currency plunging on Monday as President Vladimir Putin's forces tightened their grip on the Russian-speaking Crimea region. The Moscow stock market fell by 10 percent and the central bank spent $10 billion of its reserves to prop up the rouble as investors took fright at escalating tensions with the West over the former Soviet republic.
Russian Energy Major to Trade ADRs on Moscow Exchange
Gazprom inform that its shares are now being traded in American Depositary Receipts (ADRs) on the Moscow bourse. The company explains that the listing of its ADRs at a Russian stock exchange assures higher demand for these securities and, consequently, the Company's shares. Gazprom add that this is another milestone in their consistent efforts aimed at increasing the liquidity and price of the Company's securities. On February 12, 2014 American Depositary Receipts (ADRs) issued…
