Bloomberg News

Magnit Heads for Seven-Month High as Net Retail Sales Rise 37%

March 12, 2012

OAO Magnit (MGNT), a Russian food retailer, headed for its strongest level in seven months after net retail sales climbed 37 percent to 33.3 billion rubles ($1.1. billion) in February from a year earlier.

The shares rose for a third day, adding 1.2 percent to 3,700 rubles as of 3:55 p.m. in Moscow. A close at that level would mark their highest price since Aug. 4.

To contact the reporter on this story: Alex Nicholson in Moscow at anicholson6@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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