Bloomberg News

Russian Stocks Retreat for Third Day as Oil Drops, Ruble Weakens

December 29, 2011

Dec. 29 (Bloomberg) -- Russian stocks declined for a third day as oil slumped to near a one-week low and the ruble retreated.

The 30-stock Micex Index fell 1.1 percent to 1,367.41 by 12:48 p.m. in Moscow, pushing this year’s decrease to 19 percent. The dollar-measured RTS Index slid 2.3 percent to 1,351.05.

Stocks dipped as oil, the country’s biggest export, traded near the lowest price in a week after a report showed U.S. crude stockpiles surged, indicating fuel demand may be weakening as Europe’s debt crisis threatens to slow the global economy. The ruble depreciated 1.3 percent to 32.13 against the dollar, weakening versus the U.S. currency for a third day.

VTB Group, Russia’s second-biggest lender, declined 2 percent to 5.806 kopeks and OAO Sberbank, the country’s biggest lender, slipped 2 percent to 77.65 rubles.

OAO Gazprom, a gas export monopoly, slipped 1.9 percent to 166.68 rubles a share, heading for its weakest close since Dec. 19. OAO Rosneft, the country’s largest oil company, declined 1.1 percent to 208.18 rubles, heading for a two-week low.

--Editors: Linda Shen, Hellmuth Tromm

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


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