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. Last Updated: 07/27/2016

Positive News Sparks Healthy Gains

Russian shares posted healthy gains by Wednesday's close, as rising oil prices and other positive news overcame the last few days' stagnation, traders said.

But turnover was a reduced $15.3 million on the Russian Trading System, the main over-the-counter market.

The RTS1-Interfax share index tacked on 2.95 percent to close at 141.31, the Reuters Russian composite closed 6.21 percent firmer at 544.21, and the Reuters Russian ADR index was up 2.77 percent to 115.36 by 1400 GMT.

The dollar-denominated Moscow Times Index of 50 leading shares rose 4.26 percent to 108.24 on turnover of $16.96 million.

"The market is moving again on the back of the uptick in oil prices, a bounce back in the Argentinian market ... and the signing of the International Monetary Fund memorandum," said Michael Stein of Moscow's UFG brokerage.

The memorandum Stein referred to was signed late Tuesday by Central Bank chief Viktor Gerashchenko and Prime Minister Sergei Stepashin.