Russian stocks rose for the first time in three days, reversing an earlier slump.
OAO Polymetal, Russia’s largest silver producer, jumped 4.4 percent and OAO Gazprom, the world’s biggest natural-natural gas producer, advanced 1.1 percent. The Micex Index rose by 0.4 percent to 1357 rubles after earlier falling by as much as 2.6 percent on concern budget cuts by European nations will curb economic growth.
“Stocks were oversold earlier today,” Gregory Klumov, chief investment officer at Everest Asset Management in Moscow, said by phone.
Russian stocks were the world’s best performers last year as an economic recovery boosted the earnings outlook of oil and metals producers.
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