Shares in Eurasian Natural Resources Corp yesterday climbed to their highest price since the December listing after it announced strong production figures and walked away from a bid for rival Kazakhmys.

ENRC, a producer of ferrochrome and iron ore used to make stainless steel, said the three months to the end of March had seen a "very significant increase in group revenue, largely attributable to higher commodity prices", which laid "foundations for a very strong year".