Russia Stocks Drop 1st Week in 4 as Oil Falls, Norilsk Retreats

Bloomberg reported Russian stocks retreated as oil dropped, and OAO GMK Norilsk Nickel (MCX:GMKN) fell after announcing plans to sell convertible bonds.

The market news is quoted as saying,

Norilsk dropped 6.2 percent, the most since May 7, after Chief Executive Vladimir Strzhalkovsky said the company will fund a $4.5 billion share buyback using Eurobonds convertible into shares.

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