Russian shares rose for the first time in four days after U.S. data stoked optimism the global economic recovery is on track.
The Micex Index (INDEXCF) climbed 0.5 percent to 1,423.66 by 10:53 a.m. in Moscow. Consumer goods stocks led gains, adding 2.6 percent on average. OAO Sollers, an automaker, traded up 2.6 percent, while the OAO M.video retailer rallied 1.6 percent. The company is due to post 2012 second-half earnings today. The dollar-denominated RTS Index increased 0.5 percent to 1,452.20.
Emerging-market shares advanced for a third day and oil, Russia’s main export earner, traded close to five-week high. Data yesterday showed orders for U.S. durable goods climbed more than forecast while the S&P/Case-Shiller index of home prices increased by the most since 2006.
“The U.S. has yet again managed to save global sentiment towards equities,” Slava Smolyaninov, an analyst at UralSib Capital in Moscow, wrote in an e-mailed note today. “Russian equities are ready for a bounce.”
Russian equities have the cheapest valuations among 21 emerging markets tracked by Bloomberg. The Micex trades at 5.3 times estimated earnings after losing 3.5 percent this year. That compares with a multiple of 10.8 times for the MSCI Emerging Markets Index, which has dropped 2.2 percent this year.
The Market Vectors Russia ETF (RSX:US), the largest dedicated Russian exchange-traded fund, was unchanged at $27.46 yesterday in New York. The RTS Volatility Index, which measures expected swings in the stock futures, declined 3.7 percent to 19.81 today. The Bloomberg-Russia gauge slipped 0.2 percent to 96.84 yesterday, the lowest since Dec. 10.
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