Vimpelcom down after Wall Street wobbles

via CAAI News Media

Monday, 22 February 2010 15:01 Steve Finch

Stock Roundup

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NASDAQ-LISTED Vimpelcom, owner of mobile brand Beeline, suffered from market volatility Friday, falling 1.24 percent to US$18.37 as markets slumped early on after the Federal Reserve’s decision to hike the emergency bank lending rate.

Although a number of stocks recovered on Wall Street late Friday as inflation data suggested little need for the Fed to raise the key benchmark rate, Vimpelcom’s stock failed to recover at the end of a week in which it climbed 6.8 percent overall.

The day before Bloomberg reported the Moscow-based firm had received “very, very positive” feedback from shareholders on a share-exchange offer due for completion by April 20 as the firm consolidates under majority stakeholders Telenor ASA and Alfa Group.

Australian miners OZ Minerals and Southern Gold, both of which hold mineral concessions in eastern Cambodia, suffered similarly poor performances on the Australian Stock Exchange last week.

OZ slipped 2 percent in Friday trading to A$0.98 (US$0.88) capping a 4.39 percent slide over the past five in Sydney, the firm’s first full week of trading since appointing new Chairman Neil Hamilton on February 8.

Southern Gold was down 4.35 percent Friday to A$0.11 (US$0.10) despite recent positive news on gold prospects in Cambodia.

Chevron, which announced at the end of last month it had signed a new exploration deal with the Cambodian government for offshore Block A, managed to ride Wall Street jitters Friday to gain 0.6 percent to $74.05.