Most Russian Stocks Gain Led by Energy Companies on Weak Ruble - Bloomberg

Most Russian Stocks Gain Led by Energy Companies on Weak Ruble - Bloomberg:



"Most Russian stocks climbed as the weaker ruble increased the earnings outlook for oil and gas exporters in the world’s biggest energy producer.



The Micex Index (INDEXCF) was little changed at 1,433.83 by 12:10 p.m. in Moscow as 30 of the 50 members advanced. OAO Lukoil gained 0.1 percent and OAO Novatek increased 1 percent. OAO Rosneft rose for a second day as the nation’s largest oil producer said it struck oil at a well drilled in the Kara Sea region of the Arctic Ocean. OAO Mostotrest jumped 2.1 percent after reporting better-than-expected first half earnings.



The ruble’s 17 percent retreat this year is boosting earnings prospects of exporters that earn money in dollars. Russia has discovered what may prove to be a vast pool of oil in one of the world’s most remote places with the help of Exxon Mobil Corp., America’s largest energy company."



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