FDIC Board Adopts Volcker Rule Ban on Banks' Propreitary Trades
Severstal Leads Gains on Micex Index as Profit Beats Estimates
OAO Severstal led gains on Russia’s benchmark stock gauge after billionaire Alexey Mordashov’s steelmaker said fourth-quarter profit rose 7.9 percent from the previous three months, beating analyst estimates.
The shares jumped 1.1 percent to 384.60 rubles as of 10:13 a.m. in Moscow, heading for their strongest gain since April 5. The 30-stock Micex Index traded up 0.3 percent at 1,472.77.
Net income climbed to $463 million from $429 million in the third quarter, the steelmaker said today in a regulatory filing. This compares with the average estimate of $390 million profit from eight analysts surveyed by Bloomberg. Sales fell 18 percent to $3.73 billion on lower prices and volumes.
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