Russian Stocks Drop Most in 12 Weeks, Ruble Falls on Oil, China
This article is for subscribers only.
Russian stocks slid by their most in 12 weeks and the ruble weakened to a two-month low against the dollar after oil and metals fell on concern over European sovereign debt and China’s steps to cool inflation.
OAO Sberbank, Russia’s biggest lender with a 13 percent weighting in the 30-stock Micex, plunged 4.1 percent. OAO GMK Norislk Nickel, the country’s biggest miner, lost 2.9 percent. OAO Rosneft, the nation’s biggest oil producer, decreased 2.7 percent. These movements helped to push the Micex 1.9 percent lower to 1,526.64 at its 6:45 p.m. close in Moscow, its biggest loss since Aug. 24. The ruble lost 0.5 percent to 31.09 per dollar by its 5:00 p.m. close, the weakest level since Sept. 20.