Russian Stocks Gain Most in 2 Weeks as Crude Oil, Metals Climb

Russian stocks climbed the most in two weeks as oil and metals gained, boosting the outlook for producers.

OAO GMK Norilsk Nickel, the country’s biggest miner, increased 3.1 percent and OAO Lukoil added 1.7 percent. OAO Sberbank, Russia’s largest lender, rose 2.9 percent, helping push the Micex Index 1.6 percent higher to 1,561.97 by the 6:45 p.m. close in Moscow, its strongest gain since Nov. 9.

Oil, the government’s chief export earner, gained 1.4 percent to $82.35 a barrel in New York as U.S. jobless claims fell to the lowest level since 2008 and consumer spending increased. Copper for delivery in three months climbed 1.4 percent to $8,255 a metric ton on the London Metal Exchange. Lead, nickel, aluminum, tin and zinc all increased.

“Russia is following the global trends in oil and commodities which are tracking higher,” Andrey Kuznetsov, an equity strategist at Troika Dialog, said by phone today from Moscow.