Norilsk Leads ADR Slump as Commodities Tumble: Russia Overnight
This article is for subscribers only.
OAO GMK Norilsk Nickel led declines in Russian equities traded in New York and futures fell after commodities retreated to the lowest since October 2010.
The Bloomberg Russia-US Equity Index of the most-traded Russian companies in the U.S. slid 0.9 percent to 85.89 yesterday. Futures expiring in June on Moscow’s dollar-denominated RTS Index lost 2 percent to 129,175. Norilsk fell to the lowest level in four months as nickel declined while OAO RusHydro dropped 4.1 percent, swelling the premium to its Moscow shares by the most on record, after Interfax news agency reported that Russia may not sell a stake in the company.