Jan. 22 (Bloomberg) -- OAO Magnit, Russia’s biggest food retailer by market value, dropped for the first day in nine as investors sold the stock after a 15 percent rally.
Magnit declined 2.7 percent to 5,508.50 rubles by 1:09 p.m. in Moscow. The amount of shares traded was 38,364, equivalent to about 64 percent of the three-month average, according to data compiled by Bloomberg.
Net income was 8.2 billion rubles ($271 million) versus 5.32 billion rubles in the year-earlier period, the Krasnodar-based retailer said in a statement today. That beat the average estimate of 6.63 billion rubles of seven analysts in a Bloomberg survey.
“All the investors were waiting for really good earnings results,” Ivan Manaenko, head of research at Veles Capital in Moscow, said by phone. “Now they’re taking profit on their eight-day rally.”
Magnit was the second-biggest gainer on the Micex Index last year at a 71 percent gain.
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