Nov. 8 (Bloomberg) -- Russian stocks rose as oil jumped, boosting the outlook for companies in the world’s biggest energy exporter.
The dollar-denominated RTS Index climbed for a fourth day adding 1.1 percent to 1,579.82. On the Micex index, 16 stocks advanced while 13 declined leaving it little changed at 1,520.88. OAO Sberbank, the country’s largest lender, and OAO Mosenergo, the Russian capital’s biggest power supplier, led the benchmark index, adding 2.3 percent and 4.5 percent, respectively.
Brent crude gained for a fourth day as supplies at Cushing, Oklahoma, fell 4.4 percent in the first three days of the month and traders speculated Iran’s nuclear plans may threaten Middle East stability. Greek Prime Minister George Papandreou will resume talks today on forming a government, while Italy’s Silvio Berlusconi won a budget vote without an absolute majority.
“Despite all the stress we’ve had in broader markets, Brent has continued to trade between $100-$115,” said Robert Holmes, an Eastern Europe-focused equity fund manager who oversees about $100 million at Griffin Capital Management in London. “Certainly there is scope for further appreciation in Russian equities given the valuations and the firm oil market. But after the move we had in October, one should expect a period of consolidation.”
The Micex index trades at 5.6 times analysts’ earnings estimates for member companies, the lowest among the 21 major emerging market countries tracked by Bloomberg. The Russian benchmark rose 21 percent between Oct. 5 and Oct. 28.
Urals crude, Russia’s chief export blend, gained 0.4 percent to $115.17 a barrel. Oil and natural gas contribute about 17 percent of Russia’s gross domestic product.
OAO Surgutneftegas, a Russian oil producer, climbed 0.2 percent to 26.841 rubles.
The start of stock trading on the Micex was delayed for an hour because of inaccurate data. Full trading was halted until 11 a.m. on the Moscow-based bourse because the balance shown for market participants’ accounts was wrong, Nikita Bekasov, a spokesman for the exchange, said by phone today.
The Micex announced the delay in a statement on its website before the 10 a.m. open.
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