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VTB Drops to 2-Week Low on UBS Least-Preferred List Addition

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July 11 (Bloomberg) -- VTB Group declined to the lowest in almost two weeks after UBS AG added Russia’s second-largest lender to its list of least-preferred stocks, citing the bank’s reliance on income from trading.

VTB shares retreated as much as 3.7 percent before closing down 3 percent to 5.54 kopeks in Moscow, the lowest level since June 28. The Micex Index dropped 1.2 percent to 1,405.15.

“We add VTB to the least-preferred list given its reliance on trading income, which has historically been volatile and is set to decline in the second quarter,” UBS analysts led by Dmitry Vinogradov said in an e-mailed research note.

To contact the reporter on this story: Ksenia Galouchko in Moscow at kgalouchko1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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