45m ago13:47
The rally on European stock markets has gathered steam:
UK’s FTSE 100 index up nearly 230 points, or 3.2%, at 7,436Germany’s Dax up 3% at 14,472France’s CAC up 3% at 6,716Italy’s FTSE MiB up 3.5% at 25,746
The London-listed Russian steelmaker Evraz is still leading gains on the FTSE 100, up 23% —— good news for its 29% shareholder Roman Abramovich, the Russian billionaire who owns Chelsea FC. Evraz suffered heavy losses in recent days, though.
There’s even more good news for Abramovich. Evraz today handed investors a $1.55bn (£1.2bn) dividend, worth approximately $450m to the billionaire, but warned profits could be affected by economic sanctions aimed at the Kremlin and its allies. The company reported a 45% rise revenues to $14.1bn last year, mainly from the sale of steel but also from coal, while pre-tax profit more than trebled to $4.2bn.
The Anglo-Russian precious metals miner Polymetal, which is registered in Jersey but has substantial operations in Russia, has also recouped some of yesterday’s losses, trading 9.6% higher on the FTSE 100.
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