Russia Stocks Rise First Day in 3 as Oil Gains, Greek Woes Ease

Russian stocks advanced for the first day in three as oil prices climbed and concern about Greece’s deficit receded, spurring appetite for riskier assets.

OAO Sberbank, Russia’s biggest bank, rose 2.3 percent and OAO Lukoil, the country’s second-largest oil producer increased 0.8 percent. The Micex Index added 1.4 percent to 1,496.88 at the close in Moscow, taking the gain this week to 1.1 percent. Oil has gained 0.5 percent this week and 7.5 percent this year.

Concern over a Greek default subsided as European Central Bank President Jean-Claude Trichet said a European Union and International Monetary Fund rescue plan probably won’t be needed. Crude, Russia’s key export earner, added as much as 76 cents in New York to $86.15.

Stocks pared some of their gains after Fitch Ratings downgraded Greece to BBB- from BBB+ with a negative outlook.

Equities in Russia, the world’s biggest energy supplier, advanced 8.8 percent in March as commodity prices rose.

To contact the reporter on this story: Jason Corcoran at

To contact the editor responsible for this story: Gavin Serkin at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.