Norilsk Declines Amid Dividend Concern: Russia Overnight
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OAO GMK Norilsk Nickel, the world’s largest producer of nickel and palladium, slumped the most in a month in New York on concern the company will cut its dividends amid a tumble in industrial metals.
American depositary receipts of Norilsk slid 2.2 percent to $14.01 yesterday, extending this year’s plunge to 26 percent. The decline wiped out its premium to the Moscow-listed shares. The Bloomberg Russia-US Equity Index of the most-traded Russian stocks in the U.S. rose for a sixth day in the longest rally since December, led by OAO Mechel. RTS stock-index futures advanced 0.3 percent to 139,630 in U.S. hours.