BLBG:Russian Stocks Fluctuate as Oil Trades Near Eight-Month High
Russian shares moved between gains and losses as oil, the country’s chief export earner, traded near its eight-month high in New York.
The 30-stock Micex (MICEX) index rose less than 0.1 percent to 1,445.14 as of 11:29 a.m. in Moscow after earlier losing as much as 0.4 percent. The dollar-denominated RTS index (RTSI$) climbed 0.3 percent to 1,438.42.
Crude futures traded near their highest price in almost eight months as investors speculated that tension over Iran will tighten supplies. The futures climbed 4.2 percent to $102.96 per barrel in New York yesterday, the highest closing level since May 2011, before slipping 0.4 percent to $102.56 a barrel today. Russia is the world’s largest oil producer.
Moscow-based power supplier OAO Mosenergo (MSNG) gained 1.9 percent to 1.78 rubles. OAO Severstal (CHMF), Russia’s second-largest steelmaker, lost 0.6 percent to 386.70 rubles.
Russia’s markets are open even as the country observes a public holiday until Jan. 10. The ruble was little changed at 31.6775 per dollar and 41.3824 per euro.
To contact the reporter on this story: Jack Jordan in Moscow at jjordan22@bloomberg.net
To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net
