US financier Rogers says now may be time to invest in Russia

Author: us-russia
Comments: 0
US financier Rogers says now may be time to invest in Russia
Published 8-04-2015, 04:39
(Reuters) - Now may be the time to invest in Russian shares because oil prices have hit bottom and the Russian stock market is rising, veteran U.S. financier Jim Rogers said on Monday.

"I'm very optimistic about the future of Russia," he told a conference in Moscow arranged by investment firm BCS. "Certainly one of the most attractive stock markets in the world these days for me is Russia."

The dollar-denominated RTS index .IRTS of Russian stocks fell by 45 percent last year as oil prices plunged and Western countries imposed sanctions over Russia's support of separatist rebels Ukraine. However, the RTS has gained 20 percent since the start of this year.

Rogers, who now lives in Singapore, has been a prominent financial commentator since the 1970s, when he founded the Quantum Fund in partnership with George Soros.

Russia could now be "the right place at the right time" for investors, he said. His own portfolio consists largely of Russian shares, he said, among them fertilizer company Phosagro (PHOR.MM), airline Aeroflot (AFLT.MM) and the Moscow Exchange <MOEX.

The country's economic downturn may make it an unlikely investment prospect, he said, but he was optimistic the stock market was going to rise more.

"Something has happened over in the Kremlin. The old ways of doing things in Russiahave changed in my view," he said.

Rogers said that his optimism towards the Russian market was connected with his view that international oil prices have reached their bottom.

He also recommended buying short-term Russian treasury bills for investors with a one-year horizon.

(Reporting by Olga Popova and Yelena Orekhova, writing by Jason Bush, Editing Timothy Heritage, Larry King)

 

reuters.com

Comments: 0
Experts' Panel
Coming together to generate ideas...
In the end, the 2016 US presidential campaign did what democracies...
Coming together to generate ideas...
Top
popular in the journal
Russia, Trump, and a New Détente

Russia, Trump, and a New Détente

In his first press conference as president of the United States, Donald Trump said no fewer than seven times that it would be "positive,” "good,” even "great” if "we ...
RUSSIAN FEDERATION SITREP 9 MARCH...

RUSSIAN FEDERATION SITREP 9 MARCH...

RUSSOMANIA. The US is going though a period of insanity over Moscow’s influence to a degree not, I think, exceeded even during the McCarthy period. The immediate motives ...
Chrystia Freeland’s Family Record...

Chrystia Freeland’s Family Record...

Chrystia Freeland (lead image), appointed last week to be the new Canadian Foreign Minister, claims that her maternal family were the Ukrainian victims of Russian ...
LEVEL TALK WITH JOHN HARRISON...

LEVEL TALK WITH JOHN HARRISON...

The big international news over the past week or so has been the stand-off between the US intelligence services and President Donald Trump. It seems that an attempt is ...
THE SCOTT HORTON SHOW 2/27/17...

THE SCOTT HORTON SHOW 2/27/17...

James Carden, a contributing writer at The Nation and the executive editor for the American Committee for East-West Accord, discusses John McCain and Lindsey Graham’s ...