Russian Stocks Drop as Norilsk, Rusal Fall on Morgan Stanley Cut
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Russian equities fell as OAO GMK Norilsk Nickel and United Co. Rusal retreated after Morgan Stanley downgraded the nation’s biggest miners, citing valuations.
The Micex Index declined 0.2 percent to 1,533.77 by the close in Moscow after rising 0.8 percent yesterday. Of the 50 stocks in the gauge, 12 advanced and 38 slid. The RTS Index, Russia’s dollar-denominated equity gauge, was little changed at 1,604.65. OAO Sberbank, the nation’s largest lender and the biggest stock by weighting in the Micex, dropped 0.9 percent.