Ruble Drop Helps Russian Metal Companies Skirt Selloff
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Russian metal and mining companies are winning back investors’ favor this year, avoiding a broader selloff in equities as the weakening ruble helps boost their profits from exports.
Eight of the 10 best performers in the RTS Index in 2014 are producers of raw materials from steel and nickel to diamonds and soil nutrients. While the dollar-denominated gauge sank 37 percent, United Co. Rusal, the world’s largest aluminum company that touched a record low in November 2013, led the rally in non-oil commodity stocks with an almost fourfold advance.