OAO Raspadskaya jumped the most since November 2008 and OAO OGK-4 surged to the highest since April that year on the last day of trading before MSCI Inc. adds the stocks to its benchmark Russia index.
Raspadskaya, Russia’s biggest coking coal producer, surged 17 percent to 155.92 rubles. OGK-4, the power producer controlled by Germany’s E.ON AG, leapt 23 percent to 2.724 rubles. OAO Magnit, the country’s second-biggest food retailer, will also join the MSCI gauge. The stock rose 12.5 percent to 2,780 rubles.
New York-based MSCI, which announced the semi-annual changes to its gauges on May 11, estimates more than $3 trillion of funds are benchmarked against its indexes globally. Changes to indexes can alter share prices as passively managed funds buy and sell stocks to mirror the benchmark indexes. Those changes come into effect after the close of trading today, according to MSCI.
“Raspadskaya, OGK-4 and Magnit are outperforming today as index tracking fund are buying them ahead of their MSCI inclusion at close of business today,” John Heisel, a sales trader at Citigroup Inc. in Moscow, said in an e-mailed comment.
Oil producer OAO Gazprom Neft and drugmaker OAO Pharmstandard were removed from the index, according to MSCI. Pharmstandard fell as much as 23 percent before closing 0.4 per cent higher. Gazprom Neft slid 0.6 percent.
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