Bloomberg News

Russian Stocks Climb for Second Day as Oil Trades Above $85

April 15, 2010

Russian stocks climbed for a second day as oil traded above $85 a barrel, boosting the outlook for energy producers.

Natural-gas monopoly OAO Gazprom gained 2.1 percent, while oil producer OAO Lukoil advanced 1.2 percent. The 30-stock Micex (INDEXCF) added 0.3 percent to 1,530.93 at the close in Moscow, its highest level since July 24 2008.

Crude, Russia’s key export earner, fluctuated near $86 a barrel after China posted its fastest economic growth in almost three years and a stronger dollar damped the investment appeal of commodities. Oil was little changed in New York after jumping 2.1 percent yesterday.

OAO GMK Norilsk Nickel, the world’s biggest producer of the metal, rose for a sixth day, and was 0.8 percent higher at 5,809.76 after prices advanced to the highest level in 23 months. Gold and silver producer OAO Polymetal surged 4.9 percent after reporting first-quarter sales rose 59 percent.

To contact the reporter on this story: Jason Corcoran at Jcorcoran13@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net


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