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. Last Updated: 07/27/2016

Oil Prices Help Send Shares Up 4%

Russian share indices were boosted by solid gains made by oil companies Thursday as firmer crude oil prices spurred fresh demand, strong turnover and a rosier outlook for the market, traders said.

The dollar-denominated Moscow Times Index of 50 leading stocks rose 4.32 percent to 185.25 on turnover of $47.78 million.

The key RTS1-Interfax shares index ended up 4.43 percent at 238.06 on volume of $48.4 million.

The broader Reuters Russian composite was up 4.7 percent at 2,289.76.

"[This] appears to be a delayed reaction to the recent spike in crude oil prices," said Michael Stein, a salesman at Moscow’s United Financial Group brokerage.

"Oil stocks Surgutneftegaz and Tatneft have outperformed along with utility giant UES and Mosenergo," Stein said. He said one of the few stocks to give up ground was telecom company Rostelekom.

Crude oil prices are near 10-year highs and have risen by 15 percent this month alone.

United Energy Systems closed up 6.15 percent at $0.1708, and Mosenergo added 8.17 percent to $0.049. Surgutneftegaz rose 6.99 percent to end at $0.3905, LUKoil climbed 2.68 percent to $16.12, Sibneft was up 2.29 percent at $0.3345 and Tatneft was 3.89 percent higher at $0.6550.