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Russia Stocks Climb 4th Day on Europe as Gazprom, Novatek Rally

Aug. 14 (Bloomberg) -- Russian stocks had their longest winning streak in a month after better-than-expected European data and as OAO Gazprom and OAO Novatek, the country’s biggest natural-gas producers, advanced.

The benchmark Micex Index rose 1.1 percent to 1,423.87 rubles by the close in Moscow, the fourth day of gains and the highest since July 17. Gazprom, Russia’s natural-gas export monopoly, added 1.8 percent to 134.49 rubles, while OAO Novatek rose 2 percent to 367.96 rubles. The companies have a combined weighting of 21 percent in the Micex. The dollar-denominated RTS Index increased 1.3 percent to 1,356.34.

Gross domestic product in the 17-nation euro area expanded 0.3 percent in the second quarter, emerging from a record-long recession and beating the median estimate of 0.2 percent in a Bloomberg News survey of 41 economists. Europe is Russia’s largest trade partner. Novatek rose to the highest in a month after Chief Financial Officer Mark Gyetvay said yesterday talks on the sale of an additional stake in its Yamal LNG project are advanced.

Russian equities are “broadly positive on the back of European data,” Ariel Chernyy, an analyst at Allianz Investments in Moscow, said by phone. “The RTS and Micex are always the first to react to positive global data.”

OAO Lukoil, the nation’s biggest non-state crude producer, advanced 1.5 percent to 1,978.90 rubles, erasing an earlier drop of 0.5 percent. The company has a 14 percent weighting in the Micex.

Crude snapped a three-day rising streak after an industry report showed fuel stockpiles increased in the U.S., the world’s biggest oil consumer. Brent oil fell as much as 0.7 percent to $109.05, retreating from the highest close since April. Russia receives about half of its budget revenue from the oil and natural-gas industries.

The Bloomberg Russia-US Equity Index of the most-traded stocks in New York rose 0.8 percent to 92.86 today, advancing for a fifth day. The RTS Volatility Index, which measures swings in the stock futures, fell 1.1 percent.

To contact the reporter on this story: Valeriya Ivashchenko in London at vivashchenk1@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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