ADRs in Focus: Russian stocks gain ground

U.S.-traded shares of companies based in Russia rose in Wednesday trading, with wireless provider Vimpel-Communications making the biggest gain.

American Depositary Receipts of Vimpel advanced $1.83, or 5.9 percent, to $33.01. On Tuesday, media reports indicated the Russian government plans to raise tariffs for the telecommunications industry, increasing local call rates over the next few years.

ADRs, or American Depositary Receipts, are securities that allow U.S. investors to trade shares of companies based overseas. Vimpel ADRs rose 4 percent Tuesday.

Shares of Mobile TeleSystems OJSC added $3, or 4 percent, to $77.77.

Rostelecom OAO missed out on the gains, dipping 16 cents to $68.94.

Mining and metals company Mechel OAO picked up $3.45, or 2.3 percent, to $154.67.

ADRs of food and beverage company Wimm-Bill-Dann Foods OJSC rose $2.53, or 2.1 percent, to $122.46.

The Bank of New York Russia ADR Index added 63.88 points, or 3.4 percent, to 1,967.72, while other European ADRs were weaker on the day as the Bank of New York Europe ADR index lost 2.93 points to 178.12.