Russian stocks extended their longest rally since September 2005 and the ruble strengthened for a fourth day, as oil traded near a 17-month high and commodities gained.
OAO Rosneft and OAO Lukoil, the country’s two largest oil producers both increased by more than 2 percent. Steelmaker OAO Novolipetsk Steel surged 4.5 percent after reporting profit rose. The 30-stock Micex Index advanced for a ninth day, adding 0.8 percent to 1,498.64 at the close in Moscow, its highest since July 30, 2008.
Stocks in Russia, the world’s biggest energy supplier, advanced 8.8 percent in March as commodities rallied on evidence a global recovery is gathering pace. The ruble’s four-day gain against the euro is its longest winning streak in three weeks.
“Investors are more bullish on Russia because oil is trading comfortably above $85 above and the ruble is up,” Vladimir Savov, head of research at Moscow-based Otkritie, said by phone today.
Lombard Odier, Geneva’s oldest private bank, said today it won Russian approval to open an office in Moscow and compete with Swiss rivals UBS AG and Credit Suisse Group AG to manage individual fortunes. The Swiss bank is targeting wealthy Russians with $5 to $7 million to invest, Michael Kuenzi, the head of the representative office, said in an interview.
Crude oil rose 20 cents to $86.82 a barrel after climbing 2.1 percent yesterday. Copper futures on the London Metal Exchange rose to more than $8,000 a metric ton for the first time since the collapse of Lehman Brothers Holdings Inc. in 2008.
The currency added 0.3 percent to 39.2550 against the euro.
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