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Russia ETFs rally following heavy losses as rouble strengthens
December 17, 2014 / 7:02 PM / in 3 years

Russia ETFs rally following heavy losses as rouble strengthens

NEW YORK, Dec 17 (Reuters) - U.S.-listed exchange-traded funds tied to Russia rallied on Wednesday, providing some relief after the funds have been beaten down some 50 percent year-to-date.

The SPDR S&P Russia ETF jumped 12.6 percent in Wednesday trading on the NYSE Arca exchange, while the iShares MSCI Russia Capped Index Fund gained 11.2 percent and the Market Vectors Russia ETF rose 9.1 percent.

The funds have all dropped around 50 percent year-to-date through Tuesday as Russian equities have soured this year amid the rouble’s decline.

The Russia Central bank said on Wednesday it would take additional financial measures to speed stabilization of the rouble, including providing additional capital to banks and financial companies. The rouble firmed sharply on Wednesday after dramatic falls earlier this week. (Reporting by Ashley Lau in New York; Editing by Bernard Orr)

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