JP Morgan Russian trust share price jumps 105%

Analyst says rise is “nonsensical”

The £69.6m JP Morgan Russian Securities (JRS) trust share price rose 105% on Wednesday (9 March) morning, before retreating slightly and ending up 58.5% up by noon.

Analysts dismissed the move, with Matthew Read, senior analyst at QuotedData, calling it "nonsensical". "The Moscow Stock Exchange remains closed and so there are no ‘real' prices, even for locals, let alone overseas investors," he said. "What we can say is that the value remains seriously impaired and there is no sign of this abating." The company has a net asset value of 40.1p per share, but the share price hit 187p at one point. "Our best guess is that it is most likely private investors thinking it is oversold and that the current price reflects very little volume," said Read. ...