Russian equities bearish; Gazprom Neft limits losses

Source: Dukascopy Bank SA
© Scanpix/Reuters
Russian shares are trading in the red area on Monday as worries over the US fiscal standoff continued to weight on global stock markets. Additionally, weak crude oil prices created heavy pressure on energy stocks, key drivers of the Russian stock index. Micex Index dropped 0.09% to trade at 1,476.15. Only two in nine industries included in the index were bullish. Telecommunications led gains, with Mobile TeleSystems and Rostelecom climbing 0.72% and 0.26%. Meanwhile, Alrosa soared 0.79% on reports that the firm embarked on developing large diamond reserves at Botuobinskaya Pipe. Gazprom Neft offset losses of oil and gas firms, adding 0.68%. The company surged after it approved a new investment plan for 2013, stipulating a potential increase in investment by 24%. At the same time, Transneft and Tatneft plunged 1.73% and 0.25%. MMC Norilsk Nickel dropped 0.89% despite announcing that its dividends may amount USD2 billion in 2012 and USD3 billion in the next two years. The top-loser was heath care sector, with Pharmastandard dipping 2.41%.

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