Gazprom Rally Ending to BCS on Spending: Russia Overnight - Bloomberg:
"OAO Gazprom (OGZD)’s 40 percent rally from a four-year low is poised to falter, BCS Financial Group said.
The world’s largest natural gas company has failed to sustain previous rallies of 20 percent over the past three years, and the stock is down 20 percent during that period, according to data compiled by Bloomberg and BCS. The firm reiterated a hold recommendation on the stock yesterday, citing concern spending will rise as a deal to supply Chinese consumers by pipeline looms.
Global depositary receipts of Russia’s biggest company dropped 1.7 percent to $9.11 in London yesterday, after climbing to a nine-month high Oct. 18. Gazprom fell to the lowest in a month in New York. The Bloomberg Russia-US Equity Index of the most-traded Russian companies in the U.S. slipped 1.1 percent, led by OAO Sberbank. RTS index futures expiring in December declined 0.3 percent to 145,380 in U.S. hours."
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