Feb. 26 (Bloomberg) -- Russia’s Micex Index climbed the most in eight days, led by energy and metal stocks, as oil advanced to a one-month high, while nickel and copper rose for a fourth day.
OAO Rosneft, the nation’s biggest oil producer, and OAO GMK Norilsk Nickel, the largest mining company, rallied more than 4 percent. Steelmaker Evraz Group SA increased for the first time in five days.
“Oil is the primary locomotive for the surge in Russia,” said Julian Rimmer, head of sales trading at UralSib Financial Corp. “Steel stocks have been walloped in recent weeks. Some of the selling pressure has been alleviated.”
Crude gained as much as 2.5 percent to $43.57 a barrel in New York after a retreat in U.S. gasoline supplies boosted speculation that fuel demand may improve. Russian equity indexes are dominated by oil and gas producers. more...
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