Bloomberg News

Polyus Gold Climbs as Investors Deem Prior Declines ‘Overdone’

February 13, 2009

OAO Polyus Gold, Russia’s biggest gold producer, rallied in Moscow after falling 20 percent yesterday.

“The big fall in Polyus Gold yesterday looks to be overdone,” Chris Weafer, chief strategist at UralSib Financial Corp. in Moscow, wrote in a note today.

Polyus shares jumped 9.7 percent to 1,114.25 rubles at 10:46 a.m. in Moscow, the biggest gain in the 30-stock Micex Index (INDEXCF) today. Yesterday, the shares fell to 1,015.64 rubles after an official from the Federal Anti-Monopoly Service said that it will likely reject a bid from VTB Group, Russia’s second-biggest bank, for a stake in Polyus.

To contact the reporter on this story: William Mauldin in Moscow at wmauldin1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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