Jan. 12 (Bloomberg) -- OAO AvtoVAZ had its biggest two-day gain in more than a month as sales climbed and investors bet Renault SA and Nissan Motor Co. will complete talks to acquire a majority holding in Russia’s largest carmaker.
The shares added as much as 10 percent and traded 6.6 percent higher at 23.5 rubles by 11:18 a.m. in Moscow, extending yesterday’s 9.2 percent advance for the best two-day gain on an intraday basis since Dec. 2.
AvtoVaz boosted sales in Russia 11 percent to 578,387 vehicles last year, the Togliatti-based company said yesterday. Carlos Ghosn, chief executive officer of Nissan and Renault, said Jan. 9 that a deal may be completed within weeks. Renault bought 25 percent of Russia’s largest carmaker in 2008 for $1 billion.
“We would expect positive sentiment towards the stock once Renault finalizes a deal to increase its stake in AvtoVAZ,” Renaissance Capital analysts led by Ivan Kim wrote in an e- mailed report today.
--Editors: Alex Nicholson, Peter Branton
To contact the reporters on this story: Jason Corcoran at Jcorcoran13@bloomberg.net
To contact the editor responsible for this story: Frank Connelly at firstname.lastname@example.org