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%.
Shares in the stock were driven higher at the end of last week in expectation of the transaction.
Subscribe to 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
-
Bitcoin price one of the most-asked questions on Alexa - here's how to buy the cryptocurrencyAccording to figures from Amazon, which cover September 2023 to November 2024, pop star Taylor Swift and Bitcoin were named among the most popular Alexa queries of 2024
-
Investing for children this Christmas – five ideasIt might not come with a shiny ribbon, but an investment fund could be the gift that keeps on giving. We share five ideas if you are investing for children this Christmas.
