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Russia Stocks Drop on Magnit Checks as Norilsk Falls on Output

Russian equities dropped as OAO Magnit tumbled on concern the nation’s biggest food retailer may be forced to close stores in Moscow.

The benchmark Micex Index lost 0.3 percent to 1,398.30 by the close after a 1.3 percent decline last week. Magnit fell 2.2 percent to 8,018.10 rubles and slid 2.3 percent to $58.55 in London. OAO GMK Norilsk Nickel, the world’s biggest producer of the metal, sank 1.5 percent to 4,541 rubles.