Shares in natural resources giant ENRC moved higher after Russian billionaire Suleiman Kerimov bought a 2.86 per cent stake in the group.
Kerimov's purchase, which is estimated to have cost in the region of $176m, takes his share in the company to 3.05%.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Kerimov also owns the single largest stake in the largest gold miner in Russia, Polyus Gold.
ENRC is currently the subject of an investigation by the UK Serious Fraud Office related to claims over allegations of bribery and whistle-blowing.
The company's share price leapt 6.29% to 311.10p by 14:50 Tuesday.
NR
-
The UK cities where it’s cheaper to buy a house than rentFor people in some areas of the country, home ownership is a distant dream. But for others it can be surprisingly affordable.
-
Review: The Grill at the DorchesterThe Grill at the Dorchester has a new, easy-going atmosphere, but the food is serious: from punchy beef wellington to grown-up tarte tatin, says Dan McEvoy
