Russian stocks roared out of their winter holiday hibernation today, spurred by rising oil prices and China’s demand for commodities.
The dollar-denominated RTS stock index soared 7.5% to 1,553 points,while the rouble-denominated MICEX bourse jumped 5.5% to 1,444 in the first day of Moscow trading after the 10-day New Year and Orthodox Christmas lay-off.
Market participants said the two exchanges surpassed gains registered by Russian GDR and ADR shares listed in London and New York during the holidays. “The Russian greyhound came out of the traps late but pinged past everyone else,” said one Mosc0w-based trader. “It was a little surprising considering half of the brokerage desks are still on holiday.”
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