Russian stock brokers reacted to the resignation of Yeltsin

Within a few hours of the opening of trading on December 31, trade in Russian blue chips in the Russian Trading System (RTS) rose by over 30%. Because the growth limit of the RTS was exceeded, the trading session ended early. This was the first instance of excessive trading in the RTS since the crisis in August 1998. Within three hours of the opening of the RTS trade session on December 31, prices of Russian shares reached new heights. Ordinary shares of RAO EES Rossii rose 33%, LUKoil 28%, Surgutneftegaz 20.6%, and Mosenergo 25%. The collateral index of the RTS reached 177.71 points, which was the record level since July 21, 1998. A rapid growth of Russian assets value was also registered in western markets. At the New York Stock Exchange, purchases of American depository receipts (ADR) for shares of the largest Russian companies rose 15%. According to Russian stock brokers, when the markets start functioning in 2000, the growth of Russian shares might continue.