Blue chips headed north on Monday in the absence of further negativity from the US mortgage market. Central banks in a number of countries opted for interventions and boosted money supply which calmed down the markets, improved liquidity and prevented further losses. In the absence of major corporate news, the Russian stock market posted gains in line with global markets. By the closing bell, the RTS Index gained 1.60% to 1,927.63 and the MICEX Index climbed 2.18% to 1,680.03. Oil shares topped the list of advancers due to almost $2 rise in crude prices. Surgutneftegaz was the top gainer (+4.44%) on rumors of buying up the companys shares. Other oil and gas shares landed on MICEX as follows. Lukoil advanced 2.93%, Tatneft climbed 2.87%, Rosneft grew 2.39%, Gazprom Neft gained 1.13% and Gazprom advanced 1.77%. NorNickel climbed 2.18% on MICEX and UES closed 1.65% higher. On the bank front, Sberbank grew 1.93% on MICEX, while VTB only added 0.31%. Telecoms grew in synch with the market. MTS gained 1.48% and Rostelecom added 1.42%. Market turnover dipped to $47.34 mln on benchmark RTS and $6,477.89 mln on MICEX.
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[Source: Russian Stock Market Blog]
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