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. Last Updated: 07/27/2016

RTS Inches Up 2% on Oil Sales

Russian shares shook off worries in U.S. and European markets to end with solid gains Tuesday as Western investors snapped up oil stocks, viewing them as a safe haven after the attacks on the United States.

The key RTS index added 2.13 percent to close at 193.98 on sluggish turnover of $8.4 million.

"Russia has shown surprising resilience and outperformed virtually everyone. There are Western buyers and they are grabbing mostly the oil stocks," said Martin Diggle, a director at Brunswick UBS Warburg.

He said many investors saw oil paper -- especially Surgutneftegaz, Sibneft and Yukos -- as being resistant to the possible after-effects of last Tuesday's strikes.

Surgut closed up 3.81 percent at $0.2450, Sibneft jumped 8.78 percent to $0.5775 and Yukos was 3.88 percent higher at $3.48.

"There is a feeling that Russian oils are a good two-way play. If war breaks out and the oil price soars, then those companies are in a good position," Diggle said.