VTB Drops to 2-Week Low on UBS Least-Preferred List Addition
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 (VTBMICX) 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.
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