Norilsk Payout Seen Fueling Surge to Sberbank: Russia Overnight
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OAO GMK Norilsk Nickel, whose rally this month has sent shares to the most expensive level since 2010, is poised to rise further as a new dividend plan lures investors, OAO Sberbank and UFS-Finance Investment Co. say.
American depositary receipts of the world’s largest nickel and palladium producer jumped 3.8 percent yesterday in New York to trade at 10.1 times estimated earnings, the highest valuation since May 18, 2010. The ADRs have surged 16 percent in December, the steepest gain on the Bloomberg Russia-US Equity Index of the most-traded Russian companies in the U.S.