OAO Norilsk Nickel climbed the most in almost a week after Morgan Stanley said the world’s largest producer of nickel and palladium will benefit from the ruble’s decline.
Norilsk rose 1.9 percent to 4,920 rubles by the close in Moscow, the biggest advance since May 29. The Russian currency weakened as much as 1.4 percent against the dollar today before rebounding and rising 0.7 percent to 33.451 per dollar, the first gain since May 22.
Norilsk, Polyus Gold International Ltd., United Co. Rusal, the world’s largest aluminum producer, and Polymetal International Plc will benefit because they earn in dollars while the bulk of their costs are in rubles, Morgan Stanley analysts said in an e-mailed note.
Polyus Gold rose 0.9 percent to 1,016 rubles in Moscow, Rusal climbed 3.7 percent to 199.90 rubles and Polymetal slid 0.2 percent to 522.60 rubles.