Bloomberg News

Russia's RTS Index Extends Winning Streak, Led by Sberbank

December 08, 2006

Russian stocks including OAO Sberbank (SBER) advanced, extending the RTS Index (RTSI$)'s longest-ever winning streak. Preferred shares of OAO Unified Energy System, the national power monopoly, also rose.

The dollar-denominated benchmark added 0.1 percent to 1850.69, advancing for a 14th straight day. The ruble-based Micex Index (INDEXCF) increased 0.4 percent to 1613.27.

Sberbank, Russia's biggest lender, rose 0.9 percent to $2,795. The bank plans to sell 198 billion rubles ($7.6 billion) of new shares early next year, Economy Minister German Gref said yesterday.

Unified Energy preferred shares gained 7.3 percent to 92.5 cents. The company's board will suggest not paying dividends this year, Chief Executive Officer Anatoly Chubais said yesterday. That would enable the company's preferred shares to be converted to ordinary shares. The preferred shares currently trade at about a 10 percent discount to the ordinary ones.

To contact the reporter on this story: Todd Prince in Moscow at Tprince2@bloomberg.net.

To contact the editor responsible for this story: Balduin Hesse in London at bhesse2@bloomberg.net


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