Russian Stocks Fall as Oil, Metals Slump on Inflation Concern
Investing News Network - May 11th, 2011
Bloomberg reports that Russia’s Micex Index slumped as metals dropped and oil snapped a two-day rally.
Bloomberg reports that Russia’s Micex Index slumped as metals dropped and oil snapped a two-day rally.
The market news is quoted as saying,
The Micex Index of 30 stocks dropped 0.5 percent to 1,670 by 5:41 p.m., erasing an earlier gain of as much as 0.9 percent. Oil producers OAO Tatneft and OAO Surgutneftegas fell 1 percent. OAO GMK Norilsk Nickel, the country’s biggest mining company, declined 1.6 percent. The dollar-denominated RTS Index lost 0.2 percent to 1,933.65.