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MINING AND METALLURGICAL COMPANY NORILSK NICKEL

(GMKN)
  Report
End-of-day quote Moscow Micex - RTS  -  2022-07-07
16720.00 RUB   +1.03%
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Russian rouble falls to 2-week low, Rusal shares leap on merger talk

07/05/2022 | 05:17am EST
A person holds the newly designed Russian 100-rouble banknote during a presentation in Moscow

MOSCOW (Reuters) - The rouble fell against the dollar to the lowest in two weeks on Tuesday, while shares in aluminium producer Rusal leapt as Russian businessman Vladimir Potanin hinted at a possible merger with mining giant Nornickel.

At 0759 GMT, the rouble was 2.6% weaker against the dollar at 56.68, its weakest point since June 20. The unit had lost 1.4% to trade at 58.58 versus the euro.

The rouble's recent slump from more than seven-year highs hit last Wednesday is just a correction on the market, said Alor Broker in a note.

"It is too early to talk about a break in the rouble's strengthening trend," Alor Broker analysts wrote. "Russia's balance of payments will continue to remain very strong, importers will not recover their positions quickly.

"Only by introducing a new budget rule can the situation on Moscow Exchange's currency market change radically."

The rouble is still the world's best-performing currency https://emea1.apps.cp.thomsonreuters.com/Apps/NewsServices/mediaProxy?apiKey=6d416f26-7b24-4f31-beb6-1b5aa0f3fafb&url=http%3A%2F%2Ffingfx.thomsonreuters.com%2Fgfx%2Frngs%2FGLOBAL-CURRENCIES-PERFORMANCE%2F0100301V041%2Findex.html this year, boosted by measures - including restrictions on Russian households withdrawing foreign currency savings - taken to shield Russia's financial system from Western sanctions imposed after Moscow sent troops into Ukraine on Feb. 24 in what it calls a "special military operation".

Proceeds from commodity exports and a sharp drop in imports are further factors behind the currency's gains. But the rouble has now lost the support of last week's tax-driven dollar and euro sales.

Expectations of the imminent launch of currency interventions, which Finance Minister Anton Siluanov said Russia could turn to as it tries keep a lid on the rouble's strengthening, may continue to pull support from the rouble on Tuesday, said Promsvyazbank analysts.

Potanin, the largest shareholder at Nornickel, is ready to discuss a possible merger of the mining giant with Rusal amid Western sanctions, he said in an interview with RBC TV.

Rusal's Moscow-listed shares leapt more than 20% before settling around 10% higher. Shares in En+, Rusal's majority shareholder, were 10.5% higher in Moscow. Nornickel shares fell 2.1%.

Russian stock indexes were lower.

The dollar-denominated RTS index was down 2% to 1,224.0 points. The rouble-based MOEX Russian index was 0.1% lower at 2,202.0 points.

(Reporting by Reuters)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ALROSA 2.28% 66.84 End-of-day quote.0.00%
AUSTRALIAN DOLLAR / EURO (AUD/EUR) 0.00% 0.6411 Delayed Quote.1.90%
BRITISH POUND / EURO (GBP/EUR) 0.01% 1.1163 Delayed Quote.-0.83%
BRITISH POUND / US DOLLAR (GBP/USD) 0.00% 1.2053 Delayed Quote.1.04%
CANADIAN DOLLAR / EURO (CAD/EUR) -0.09% 0.691238 Delayed Quote.-0.16%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.09% 0.7454 Delayed Quote.1.68%
EURO / US DOLLAR (EUR/USD) 0.00% 1.0793 Delayed Quote.1.89%
INDIAN RUPEE / EURO (INR/EUR) 0.51% 0.011231 Delayed Quote.-1.08%
INDIAN RUPEE / US DOLLAR (INR/USD) 0.30% 0.012168 Delayed Quote.0.82%
MINING AND METALLURGICAL COMPANY NORILSK NICKEL 1.03% 16720 End-of-day quote.0.00%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -2.31% 0.63245 Delayed Quote.1.98%
RTS INDEX 0.00%End-of-day quote.-41.03%
S&P GSCI ALUMINUM INDEX -1.89% 162.0357 Real-time Quote.8.01%
SBERBANK OF RUSSIA 0.16% 133.3 End-of-day quote.0.00%
US DOLLAR / EURO (USD/EUR) 0.00% 0.926526 Delayed Quote.-1.86%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.11% 70.55 Delayed Quote.-2.67%
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Financials (USD)
Sales 2021 17 852 M - -
Net income 2021 6 512 M - -
Net Debt 2021 4 952 M - -
P/E ratio 2021 7,30x
Yield 2021 13,0%
Capitalization 40 553 M 36 159 M -
EV / Sales 2020 3,55x
EV / Sales 2021 2,90x
Nbr of Employees -
Free-Float 34,3%
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Managers and Directors
Vladimir Olegovich Potanin President & Chairman-Management Board
Sergey Gennadyevich Malyshev Chief Financial Officer & Senior Vice President
Andrey Evgenyevich Bugrov Chairman
Sergey Stanislavovich Stepanov Operational Director & Senior Vice President
Evgeny Arkadievich Shvarts Independent Director