Putin’s Detente Signals Stock Rout Ending as Skagen Buys - Bloomberg

Putin’s Detente Signals Stock Rout Ending as Skagen Buys - Bloomberg:



"The rout in Russian equities showed signs of ending yesterday as President Vladimir Putin’s push to ease the Ukraine conflict spurred the biggest gain since March while two of the largest emerging-market money managers said they’ve been buying cheap shares.



The Bloomberg index of the biggest Russian companies listed in the U.S. climbed 3.3 percent after the benchmark Micex gauge in Moscow jumped 3.4 percent as Putin said he was pulling troops away from the Ukrainian border. Yesterday’s gains trimmed losses in the two benchmarks since Russia's incursion in Ukraine began in early March to less than 6 percent.



Aberdeen Asset Managers Ltd. and Skagen AS said yesterday -- a day after Deutsche Bank AG strategist John-Paul Smith predicted a Russian stock market rebound -- that they’ve been buying equities recently because the selloff is overdone. Aberdeen’s Peter Taylor boosted his investment in OAO Magnit (MGNT) while Skagen bought shares of OAO Moscow Exchange and OAO Sberbank."



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