BLBG:Russian Stocks Fall to Weekly Low as Oil Trades Little Changed
Russian stocks declined, falling to their lowest level in a week, as oil traded little changed after European Union leaders agreed on a 130 billion-euro bailout for Greece.
The 30-stock Micex retreated 0.9 percent to 1,565.42 by 11:24 a.m. in Moscow, heading for its weakest close since Feb. 14. United Co. Rusal, the world’s biggest aluminum producer, dropped 3.7 percent. VTB Group, Russia’s second-biggest bank, fell 1.8 percent. The dollar-denominated RTS Index (RTSI$) decreased 0.9 percent to 1,659.73.
Brent futures were little changed at $120.01 a barrel in London as Europe’s finance ministers awarded 130 billion euros ($173 billion) today in aid to Greece. China’s crude imports from Iran in January fell 5 percent from a year ago and 14 percent from December, the General Administration of Customs said in a statement today.
OAO Sberbank (SBER), Russia’s biggest lender, fell 0.7 percent to 96.79 rubles, slipping from its strongest level since Aug. 4. The ruble was little changed, weakening less than 0.1 percent to 29.81 against the dollar. VTB dipped 1.8 percent to 7.01 kopeks, heading for its lowest level since Feb. 10.
Russian depositary receipts of Rusal dropped 3.7 percent, the biggest retreat in the Micex (INDEXCF) today, to 248.44 rubles, poised for a two-week low.
The Micex is up 11 percent this year and trades at 6.1 times analysts’ earnings estimates for member companies. Brazil’s Bovespa index, which is valued at 10.7 times estimated earnings, has climbed 17 percent, according to data compiled by Bloomberg. The Shanghai Composite Index trades at 9.8 times estimated earnings, and the BSE India Sensitive Index has a ratio of 16.3.
To contact the reporter on this story: Denis Maternovsky in Moscow at dmaternovsky@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
