Bashneft rebounds after its fall
Edited by Rhod Mackenzie / 2014-07-23 05:51:24
The shares of Bashneft, which were falling in price during the last week because of arrest of the controlling stake, owned by AFK Systema, grew by 9.29% yesterday. Investors overestimated the importance of this event and now try to buy it, analysts explain. In addition, the company has little liquidity, so with the growth of the market its shares rose sharply in price, the RBC daily writes.
By the end of trading at the Moscow Stock Exchange on Tuesday, Bashneft’s ordinary shares rose in price by 9.29% to 2174.9 rubles per share, and preferred ones by 3.8% to 1634.8 rubles. The MICEX index increased by 1.55%.
