Russian Stocks Advance, Head Toward Best Week in Two Months

Russia’s Micex Index (INDEXCF) climbed, heading for its best week in more than two months, led by OAO Mosenergo after the power company’s earnings more than doubled.

The 30-stock Micex added 1.2 percent to 949.62 at 11:35 a.m. in Moscow, extending this week’s gains to 9 percent, the biggest gain since May. The RTS Index rose 0.5 percent to 907.64.

Mosenergo, the heat and power utility serving the Russian capital, advanced 6.3 percent to 1.482 rubles on the Micex Stock Exchange, a third day of gains. Net income jumped to 4.69 billion rubles ($147 million) in the first quarter from 2.16 billion rubles a year earlier, the Moscow-based company said in a statement today.

Russian stocks entered a bear market last month after the Micex fell more than 20 percent from its high on June 1. The index has risen 54 percent this year after slumping 67 percent in 2008.

Efes Breweries International, the maker of Russia’s Stariy Melnik beer, jumped 26 percent to $11 in London. Anadolu Efes Biracilik & Malt Sanayii AS agreed to pay $11.10 per global depositary receipt for EBI, the two companies said today in a statement. One GDR represents five shares, according to Bloomberg data. The offer must be approved by Efes Breweries’ shareholders, they said.

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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