Russia Stocks Drop 2nd Day as Metal Producers, Uralkali Tumble

Russian equities retreated for a second day, falling to the lowest level in almost two weeks, as metal producers slumped and crude oil, the nation’s chief export earner, dropped.

The benchmark Micex Index lost 0.4 percent to 1,401.88 by the close in Moscow, the lowest since July 12. OAO Severstal declined 2.8 percent to 246.50 rubles in Moscow, the most since June 20, while OAO GMK Norilsk Nickel tumbled 2 percent to 4,623 rubles. OAO Mechel, Russia’s biggest coking-coal producer, lost 3.8 percent to 96.70 rubles, the most since June 21. OAO Novolipetsk Steel, Russian billionaire Vladimir Lisin’s metals company, sank 2.8 percent to 47.29 rubles.