Polymetal Begins Trading

By The Moscow Times

Oct. 30, 2011

Shares of Polymetal started conditional trading in London on Friday and nudged slightly higher after pricing at the low end of a range.

The miner, owned by tycoons Alexander Nesis and Alexander Mamut with Czech investor PPF, along with Polyus Gold and steelmaker Evraz are set to make history if — as expected — they become the first Russian stocks to enter the blue chip FTSE 100 Index.

Polymetal's shares rose 3.4 percent to £9.51 ($15.32) above the offer price at the start of conditional trading, which refers to trade ahead of official listing on the exchange. By 10:17 GMT, shares were back to their starting price of £9.20. Official trading in the shares begins on Nov. 2.

(Reuters)

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