Most blue chips kicked off nearly 1% up on Wednesday and extended gains further down the road. The main growth driver was the FOMCs statement released Tuesday evening. According to this report, the US economy will continue to grow at a modest pace. Market gains could be stronger, unless the Feds focus on inflation as the main risk for the national economy. These words send a signal that the lending rate will not likely be cut in the near future. By the closing bell, the RTS Index grew 1.82% to 1,987.25 and the MICEX Index rose 1.96% to 1,725.32. Oil and gas companies topped the list of advancers on MICEX. They climbed on expectations of stronger US economic growth. Surgut grew 3.27%, Tatneft rose 2.9%, Gazprom added 2.5%, Lukoil gained 2.4%, Rosneft picked up 1.8% and Gazprom Neft closed 1.17% higher.NorNickel expanded 1.32% on MICEX, although nickel prices fell. Sberbank commons added 2.14% and prefs 1.97%. VTB remained unimpressive and continued to trade below the placement price, up a mere 0.52% on MICEX. UES underperformed the market, commons grew 1.1% and prefs only climbed 0.66%. Other blue chips landed in positive territory. MTS gained 1.72% and Rostelecom advanced 2.18%. Trading volumes reached $54.45 mln on benchmark RTS and picked up to $8,359.05 mln on MICEX.
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[Source: Russian Stock Market Blog]
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