"So there is still a fairly good potential for the shares to grow in Russia in the light of the pending liberalization of the company's share market. Spread between ADS prices and the internal market is narrowing in anticipation of this event," Baranov said.
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Gazprom Shares Rose 8%
Russian oil major Gazprom's shares gained over 140 rubles a share
Russian oil major Gazprom's shares gained over 140 rubles a share on Western demand on the St. Petersburg Stock Exchange on Wednesday, CBonds.info reported.
The stock rose 8.1% to 141.4 rubles by 2.06 p.m. before rolling back 5.5% to 138 rubles with more than 50 million shares changing hands.
Prospect Management Company's asset manager Alexander Baranov said that some brokerages had raised their target price for Gazprom American Depositary Shares to more than $60 in the last few days. One ADS traded in the West is equivalent to 10 Gazprom shares traded in Russia. That translates into $6 per share for locally traded shares.
"So there is still a fairly good potential for the shares to grow in Russia in the light of the pending liberalization of the company's share market. Spread between ADS prices and the internal market is narrowing in anticipation of this event," Baranov said.
"So there is still a fairly good potential for the shares to grow in Russia in the light of the pending liberalization of the company's share market. Spread between ADS prices and the internal market is narrowing in anticipation of this event," Baranov said.
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