Sberbank Leads Russia ADR Rally on Ukraine Peace Prospect - Bloomberg:
"OAO Sberbank (SBRCY), the lender that has been pinched by international financing restrictions linked to the Ukraine war, led a surge in U.S.-traded Russian stocks after steps toward a cease-fire in the conflict were agreed upon.
American depositary receipts of Sberbank, the worst performer on the Bloomberg Russia-US Equity Index this year, rallied 8.6 percent to $8.86 in New York, the biggest advance since November 2011. Trading volume of 1.5 million shares was 2.4 times the daily average of the past three months.
The gauge of the country’s most-traded stocks in the U.S. rallied 4 percent, reducing this quarter’s loss to 6.4 percent, as Russian President Vladimir Putin outlined a peace plan for Ukraine after agreeing with Ukraine’s Petro Poroshenko to move toward a cease-fire in the conflict that has raged for more than five months. The agreement eased concern that the U.S. and European Union will take further steps to harm Russia’s $2 trillion economy after they had stepped up sanctions in July, targeting the banking and energy industries."
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