Bloomberg News

Russian Stocks Advance as Oil Gains; Gazprom, Rosneft Climb

August 11, 2009

Russian stocks advanced as oil rose for the first time in three days, boosting energy companies led by OAO Gazprom and OAO Rosneft.

The 30-stock Micex Index (INDEXCF) added 0.8 percent to 1,110.06 at 11:42 a.m. in Moscow, recovering some of yesterday’s 1.3 percent retreat. The RTS Index increased 0.6 percent to 1,071.07 today.

Stocks gained before the Federal Statistics Service reports second-quarter gross domestic product data at 12 p.m. local time. Russia’s economy contracted by 10.1 percent in the first half, Economy Minister Elvira Nabiullina said on July 15.

Gazprom, the world’s largest natural gas producer, increased 1 percent to 171.23 rubles. Rosneft, Russia’s biggest oil company, dropped 0.9 percent 202.79 rubles. OAO Lukoil, the nation’s largest non-state oil producer, advanced 0.9 percent to 1,583 rubles.

Crude for September delivery advanced 0.6 percent to $71.04 a barrel in New York on speculation global demand for fuels will rebound as economies emerge from recession. Oil is headed for its seventh consecutive session above $70.

“Today oil is trading close to yesterday’s levels, expectations of the fast economic recovery is supporting quotes,” Moscow-based KIT Finance said in a note to investors to investors today.

OAO Sberbank, Russia’s largest bank, advanced 1.3 percent to 48.34 rubles. VTB Group, the second-biggest bank, gained 1.2 percent to 4.25 kopeks. One kopek is a hundredth of a ruble.

To contact the reporter on this story: Mark Sweetman in Moscow

To contact the editor responsible for this story: Guy Collins in London

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