May 16 (Bloomberg) -- OAO Rosneft, Russia’s biggest oil producer, rose for a second day after its weighting in the MSCI Russia Index was increased.
Rosneft climbed 1.3 to 203.09 rubles by the close in Moscow, the biggest gain since May 11.
The company became the fourth-biggest Russian stock on the index with a 6.4 percent weighting compared with 4.95 percent for OAO Novatek, according to an e-mailed copy of MSCI Inc.’s report. Novatek shares fell 0.7 percent to 328.23 rubles.
The changes will see a “reshuffling” in the MSCI Russia 10/40 gauge which “can trigger outflows of up to $301 million from Novatek and inflows of up to $542 million into Rosneft,” VTB Capital analysts led by Alexey Zabotkin wrote in a report today.
OAO Rostelecom’s weighting was cut to 2.3 percent, according to the MSCI report. The changes come into effect June 1, according to MSCI.
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