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Polyus Drops on Prokhorov

Polyus Gold declined for a third day after Kommersant reported that billionaire shareholder Mikhail Prokhorov sold about $100 million of the gold-mining company’s shares Thursday, citing people it didn’t identify.

The stock slid 2.4 percent to 1,833.12 rubles at Friday’s close in Moscow, paring an earlier loss of as much as 3 percent.

Prokhorov held about 40 percent of Polyus before the sale of about a 0.75 percent stake, Kommersant said.

“Polyus is down from yesterday’s close after core shareholders sold $100 million of stock overnight,” John Heisel, a sales trader at Citigroup, wrote in e-mailed comments Friday.

(Bloomberg)


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