Shares Higher After Markets Reopen

Blue chips rose sharply Tuesday when trade resumed after a limit-down suspension, with several outperforming their London-listed counterparts as dealers said the government might be propping up local prices.

As U.S. markets opened in positive territory, Russian shares accelerated gains. The benchmark RTS Index rose 4.8 percent to 575.64 points.

Trading reopened in Moscow after being suspended from Friday afternoon until Tuesday, during which London-traded Russian shares fell sharply.

On Tuesday, London traded Global Depositary Receipts in state bank VTB traded several dollars below their local equivalent as traders pointed to possible state support.

"We are feeling a bit better today, but there is some concern at the difference between prices on our market and on GDRs on the London Stock Exchange. They are cheaper there," East Commerce trader Pavel Koryshev said.

Koryshev said state funds could be supporting local prices, while in London sellers appeared to be using Tuesday's bounce as an opportunity to slash their exposure to Russia.