Mechel Shares Rose almost 60% in Two Days
If on January 3, the price of Mechel ordinary shares fell 0.4%, then on January 6 they began to grow rapidly - over the day the paper went up by 21.32% (up to 76.3 rubles). On Wednesday, the growth of quotations continued; at the peak, the price of shares rose to 104 rubles. apiece, which is 64.7% higher than the closing level of the final trading in 2019, but by the end of the price fell to 99.8 rubles. (+ 58.06%).
The head of the ACRA Sustainability Risk Assessment Group, Maxim Khudalov, did not rule out the possibility that Mechel’s quotes could be attributed to strong fires in Australia. “Australia is the main supplier of coking coal, which is produced by Mechel, severe fires can cause interruptions in its supply and, as a result, price increases. This, given the possible return of Elga, could become a growth driver for Mechel, an expert explained to the Russian media.