Russia’s Micex Index Climbs for Second Day; RusHydro Advances

Russian stocks climbed for a second day, led by OAO RusHydro, Russia’s biggest hydropower producer.

The ruble-denominated Micex Index added 0.7 percent to 1,061.04 at 10:41 a.m. in Moscow, the highest since May 20. The RTS Index (RTSI$) advanced 0.5 percent to 1,018.68. Trading in Russian global depositary receipts in London is closed today for a national holiday.

RusHydro added 3.6 percent to 1.213 rubles, a second day of gains. Bank of America Corp. raised its price estimate for the shares 46 percent to 5.1 cents (1.58 rubles), saying results were “well above our estimates” and that the company continues to benefit from its “favorable market position as a lower-cost generator.”

OAO Polymetal, Russia’s biggest silver producer, fell 1.5 percent to 230.49 rubles, the biggest decline in the Micex Index (INDEXCF) today. Silver for immediate delivery sank for the first time in a week.

To contact the reporter on this story: William Mauldin in Moscow at wmauldin1@bloomberg.net

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

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