Russia Stocks Rise as Global Markets Stabilize, Euro Gains
Russian stocks gained for the first time in three days as the global equities rout stabilized and the euro strengthened for a third day.
Steelmaker OAO Magnitogorsk Iron & Steel advanced 4.9 percent. OAO Raspadskaya, the coal producer hit by fatal explosions at its biggest mine earlier in the month, rose for the first time in three days, adding 4.1 percent to 138.84 rubles. The Micex Index of 30 stocks climbed 0.92, or 0.07 percent, to 1,264.91 at the close in Moscow, after falling as much as 2.1 percent in trading earlier today. For the week it retreated 6.4 percent.
Russia’s dollar-denominated RTS Index, the world’s best performer last year as an economic recovery boosted the earnings outlook of oil and metals producers, entered a so-called bear market yesterday. The Micex has retreated 17.4 percent from its April 15 peak on concern European deficits may slow economic growth. A global slide in stocks stabilized today as U.S. bank shares rallied and Treasuries pared their advance.
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