Polymetal shares eye tentative rebound after BlackRock ups stake

Shares in Polymetal showed signs of stabilising amid a tentative rebound in Russian-exposed stocks in Europe on Tuesday as investors welcomed news that BlackRock doubled its stake in the London-listed miner heavily hit by sanctions against Russia.

The world’s largest money manager raised its stake in Polymetal to slightly above 10%, according to a filing published on Tuesday, after shares in the company slumped more than 70% in the previous three days.

Polymetal shares moved in and out positive territory in opening deals and by 0830 GMT they were up 1.2%.

Other Russian-exposed stocks also rebounded with Evraz leading the way, up 5%, while banks UniCredit and Raiffeisen rose 3% and 2%, respectively.

(By Danilo Masoni)