Russian ADRs Gain With Ruble as Stock Valuations Drop - Bloomberg

Russian ADRs Gain With Ruble as Stock Valuations Drop - Bloomberg:



"Russian stocks rose in New York, trimming a December retreat that has pushed their valuation to the lowest level since 2008, as the ruble gained.



A Bloomberg index of the most-traded American depositary receipts of Russian companies added 1.2 percent. The gauge, which trades at 4.4 times projected earnings for the next 12 months, has lost 24 percent this month and is on track for the worst annual slide in six years. The Market Vectors Russia ETF (RSX), the biggest exchange-traded fund tracking Russian equities, advanced 6.4 percent. The ruble, headed for its worst year since its 1998 default, strengthened 4.2 percent. 




Tuesday’s gains for stocks and the currency follow declines that have been fueled by a bear market in oil, the nation’s biggest export, and sanctions over the Ukraine conflict that have pushed Russia’s economy toward recession. The ruble has lost 41 percent in 2014, the most in the world after the Ukrainian hryvnia, while the Micex Index in Moscow posted the first decline in three years.

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