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Stories Stories Business Stocks in Russian food companies soar amid Western food ban

Stocks in Russian food companies soar amid Western food ban

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Written by Maricel Rubia     August 08, 2014    
 
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Shares in some of Russian food producers have added almost 40 percent by midday on Friday. The surge comes a day after Moscow imposed a one-year ban on imports of food products from the West.

Shares in one of Russia’s biggest agricultural holdings Razgulay shot up 39.87 percent by Friday afternoon, according to Moscow Stock Exchange data.

Stocks in the Russian Sea fish and Seafood producer surged 34.85 percent, GlavTorgProduct stocks also rose 35 percent.

Unique and historic opportunity to develop domestic production

Meat manufacturer Cherkizovo saw an 8.25 percent rise, the Ostankino meat processing plant had an 18.5 percent boost.

This increase has far outpaced the overall dynamics of Russia’s key indices, the RTS and MICEX, which were up 0.92 percent and 0.38 percent respectively.

On Thursday Russian Prime Minister Dmitry Medvedev signed a decree banning all imports of beef, pork, poultry meat, fish, cheese, milk, vegetables and fruit from Australia, Canada, the EU, the US and Norway.

The value of Russian agricultural product production could grow by about $10.8 billion in the next 18 months, Agriculture Minister Nikolay Fyodorov, told ITAR–TASS on Thursday.

By contrast, Western farmers have already started ringing alarm bells saying the ban would cost an estimated $16 billion, and warning of a possible crisis situation.

Read full article: Stocks in Russian food companies soar amid Western food ban

Location

Epicentre
Moscow Stock Exchange
Bolshoy Kislovsky per, 13
125009 Moscow
Russia

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Rt.com Staff
Contributor's Comment
... The continuous expansion of NATO toward Russia is a direct threat to it's security and independance, Ukraine is a major part of this. Maybe he is not perferct but right now, I'm very impressed with M. Putin statesmanship!
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