Emerging Stocks Rise as Norilsk Jumps After Indonesia Ban - Bloomberg

Emerging Stocks Rise as Norilsk Jumps After Indonesia Ban - Bloomberg:

"Emerging-market stocks advanced the most in a month as commodity producers jumped after Indonesia’s ban on mineral ore exports fueled speculation nickel supplies will decline. The Jakarta Composite Index led world gains.

The MSCI Emerging Markets Index added 0.8 percent to 977.42, gaining for a second day. OAO GMK Norilsk Nickel, the world’s largest producer of the metal, rallied the most in 13 months in Moscow, Nickel Asia Corp. (NIKL), which accounts for about a third of Philippine output, climbed. Indonesia’s benchmark stock index increased 3.2 percent for the biggest advance among 94 global indexes, while the rupiah rose the most in six weeks.

Commodity shares joined a rally in nickel after a ban on mineral-ore exports took effect in Indonesia, the biggest producer of the metal from mines. The ban is part of a wider policy to boost state revenue by turning Indonesia from an exporter of raw commodities into a manufacturer of higher-value products. Emerging-market stocks also gained as worse-than-estimated U.S. jobs data last week eased concern that the Federal Reserve will accelerate the pace of stimulus cuts."

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