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Russia’s Stock Exchanges Driven Down by Mechel
Russia’s stock indices closed notably down yesterday despite some gains posted in the course of the day.
Presidential assistant Arkady Dvorkovich first rendered the helping arm to the stock benchmarks of the country by saying that the stocks of Russia’s companies were underestimated. But Prime Minister Putin changed the trend in a few hours, when he again lashed out at Mechel and triggered a selling trend for the metallurgical companies.
As a result, RTS closed 1.16 percent down at 1,928.74 and MICEX fell 2.08 percent to 1,456.16. Of all blue chips, Norilsk Nickel suffered the greatest losses when it shed nearly 9 percent on MICEX.
The U.S. indices closed down as well July 28. Dow Jones shed 2.11 percent to 11,131.08, S&P 500 sank 1.86 percent to 1,234.37 and Nasdaq lost 2 percent to 2,264.22. The depository receipts of Mechel that dropped 25.57 percent in New York were the losing leaders that day.
Europe’s indices were in line with the trend. Britain’s FTSE 100 fell 0.75 percent to 5,312.6, German Dax lost 1.33 percent to 6,351.15 and French Cac 40 lowered 1.2 percent to 4,324.45.
Fueled by explosion of two pipelines in Nigeria, crude oil resumed its growth. The WTI barrel (September deliveries) stepped up $1.47 to $124.73.
Central Bank of Russia set the official rate of exchange of 23.3610 ruble per a U.S. dollar, 0.38 kopecks above a day earlier. Euro fell 3.6 kopecks to 36.6768 ruble.
Euro cost $1.5744 worldwide early July 29.
www.kommersant.com
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