Bloomberg News

Russian Stocks Rise for First Day in Three as Greece Wins Vote

February 14, 2012

Feb. 13 (Bloomberg) -- Russian stocks rose for the first time in three days, heading for the biggest advance in more than a week, after Greece’s parliament approved austerity measures to help assure a second debt bailout.

The 30-stock Micex jumped 1.7 percent to 1,549.73 by 11:10 a.m. in Moscow, heading for its biggest daily gain since Feb. 1. Power distributor MRSK Holding rose 3.7 percent, the biggest advance in the Micex today. Federal Grid Co., the state-run power-line operator, added 3.1 percent. The dollar-denominated RTS Index rose 2.1 percent to 1,637.30, poised for its biggest daily advance since Jan. 26.

Oil, Russia’s main export revenue earner, rose as much as 1 percent to $99.68 a barrel in New York, advancing from a three- day low. Greek Prime Minister Lucas Papademos won parliamentary approval for austerity measures to secure a 130 billio-euro ($172 billion) international bailout, helping send Asian stocks and U.S. futures higher.

OAO Sberbank, Russia’s biggest lender, rose 1.6 percent to 95.55 rubles, heading for its highest closing level since Aug. 5, as the ruble advanced 0.6 percent to 29.8925 against the dollar. Shares of VTB Group, Russia’s second-biggest lender, added 2.1 percent to 6.91 kopeks.

The Micex is up 11 percent this year and trades at 5.7 times analysts’ earnings estimates for member companies. Brazil’s Bovespa index, which is valued at 10.3 times estimated earnings, has climbed 13 percent, according to data compiled by Bloomberg. The Shanghai Composite Index trades at 9.7 times estimated earnings, and the BSE India Sensitive Index has a ratio of 15.7.

--Editors: Peter Branton, Chris Peterson

To contact the reporter on this story: Denis Maternovsky in Moscow at dmaternovsky@bloomberg.net

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


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus