Russian stocks rallied for a second day as the price of crude, the country’s main export earner, climbed and Greece moved closer to securing a second bailout. The 30-stock Micex Index (INDEXCF) rose 0.4 percent to 1,561.47 by 11.47 a.m. in Moscow. Oil producer OAO Gazprom Neft added 0.5 percent. OAO Sberbank (SBER), Russia’s largest lender, jumped 1 percent and United Co. Rusal, the world’s biggest aluminum producer, gained 1.8 percent. The dollar-denominated RTS Index advanced 0.7 percent to 1,655.45. Oil increased as much as 49 cents to $99.20 a barrel in New York and headed for the longest rising streak since December. U.S. refineries operated at 83 percent of capacity, up 1 percentage point from the week before, according to the Energy Department. Analysts projected a 0.4 percentage point decrease. Prime Minister Lucas Papademos said he concluded meetings with leaders from three political parties in Greece to seal terms for the financing package, an official who declined to be named told reporters today. “Optimism that a deal to remove the threat of a sovereign debt default in a Eurozone country can be achieved has been the primary driver of the bullish mood on global equity markets,� Chris Weafer, chief strategist at Troika Dialog, wrote in an e- mailed report. “All indicators point to the final action being close at hand.� The Micex is up 11 percent this year and trades at 5.8 times analysts’ earnings estimates for member companies. The gauge retreated 17 percent in 2011, compared with an 18 percent drop for Brazil’s Bovespa index, which is valued at 10.5 times estimated earnings according to data compiled by Bloomberg. The Shanghai Composite Index trades at 9.6 times estimated earnings, and the BSE India Sensitive Index has a ratio of 15.7. To contact the reporter on this story: Jason Corcoran in Moscow at jcorcoran13@bloomberg.net To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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