OAO GMK Norilsk Nickel climbed for the first time in five days after Russian billionaire Alisher Usmanov said he’s increasing the stake he controls in the country’s biggest mining company.
The stock added as much as 1.2 percent and traded up 0.7 percent at 5,120 rubles as of 11:50 a.m. in Moscow. The benchmark Micex Index increased 0.2 percent to 1,449.91.
“We are increasing our stake now,” Usmanov said in an interview with Rossiya-24 state television, without providing more details. Usmanov’s Metalloinvest holding company had 4 percent of Norilsk before the company’s latest buyback offer.
To contact the reporter on this story: Alex Nicholson in Moscow at email@example.com
To contact the editor responsible for this story: Gavin Serkin at firstname.lastname@example.org