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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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