Bloomberg News

Russian Stocks Gain Most in a Month as Oil Rally Lifts Rosneft

January 03, 2012

Jan. 3 (Bloomberg) -- Russian stocks rose the most in a month, led by energy producers as manufacturing growth in Asia and the threat of further sanctions against Iran boosted the price of crude.

The Micex Index of 30 stocks climbed 3 percent to 1,444.76 at close in Moscow, the biggest gain since Nov. 30. OAO Rosneft, Russia’s largest oil producer, jumped 2 percent to 218.31 rubles. OAO Surgutneftegas, the fourth-biggest producer, climbed 3.1 percent to 26.086 rubles. Trading resumed on the Micex even as the country observes a holiday until Jan. 10.

Oil climbed above $100 a barrel in New York as Iran’s Deputy Navy Commander Rear Admiral Mahmoud Mousavi told Press TV that any effort to harm the country’s interests will lead to “reciprocal measures.” India’s Purchasing Managers’ Index advanced the most in six months in December, HSBC Holdings Plc and Markit Economics said yesterday, and a manufacturing index in China signaled expansion.

“China and India manufacturing indicators have topped consensus and led to modest but broad gains across most markets and commodities this morning,” Chris Weafer, chief strategist at Troika Dialog, said by e-mail today.

Russia is the world’s largest oil producer. The European Union, which is considering a ban on oil from Iran, will be ready by Jan. 30 to decide whether to extend sanctions, Michael Mann, a spokesman for the EU, said yesterday.

--Editor: Gavin Serkin, Stephen Kirkland

To contact the reporter on this story: Stephen Bierman in Moscow sbierman1@bloomberg.net.

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net.


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