Russian stock market opens on mixed note before rebounding
MOSCOW. April 6 (Interfax) - The Russian stock market opened on a mixed note following the downward correction in the international equity and commodity markets.
The MICEX stock index edged down 0.02% to 1487.19 and the RTS index was off 0.12% to 1624.81 in the first minute of trading. Benchmark stocks moved up to 1% either way.
Bu the MICEX soon rebounded, rising 0.3% to 1491.4 - its highest level since January 20 - by 10:50 a.m. The RTS was up 0.22% to 1630.43.
Benchmark stocks started to recover, rising up to 1%, after preferred shares in pipeline operator Transneft rallied 3.4% to 40,473 rubles - their highest level since the middle of February 2008.
Demand for Transneft is being fuelled by the approach of the cut-off date for its AGM. The company paid 10% of its net profit for 2008 to shareholders.