GloraX shares jump almost 14% in early Moscow trading

GloraX shares rose 13.82% to 43.48 rubles during Moscow Exchange trading on October 9. By 10:25 a.m. Moscow time, the gain narrowed to 6%, with the price at 40.49 rubles.

RBC reported that the move came without fresh corporate announcements. GLRX shares were rising for a third consecutive session, gaining 28.6% over that period.

Alfa Investments analyst Vasiliy Karpunin linked broader construction-sector gains to Sberbank's comments about work with developer Samolet and plans to improve its situation. That is the analyst's explanation, rather than an established cause for every stock's movement.

On October 7, GloraX shareholders approved a reorganisation incorporating NTVO. GloraX's holdings in NTVO's charter capital are to be cancelled, while GloraX's own charter capital will remain unchanged.

Holders of voting shares who opposed the decision or did not participate may request a buyback of some or all their shares. The morning price jump does not represent the outcome of the entire trading session.