Russia Stocks Slide as Energy Companies Retreat on Growth Woes
This article is for subscribers only.
Russian equities dropped for a second day as oil and gas stocks led declines after the World Bank cut its global growth forecast and concern U.S. debt limits will derail a recovery pared appetite for riskier assets.
The Micex Index lost less than 0.1 percent to 1,514.86 by the close in Moscow after falling as much as 0.5 percent earlier. Of the 50 stocks in the gauge, 24 climbed and 26 retreated. OAO Novatek, Russia’s largest independent natural gas producer, dropped 2.7 percent. OAO Rosneft, the nation’s biggest oil producer, fell 1.3 percent. Oil and gas shares sank 0.6 percent on average, the most of nine industry groups.