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. Last Updated: 07/27/2016

Energy, Metals Lead Recovery

Russian stocks gained for a second day as higher commodity prices boosted energy and metals producers, and the ruble’s rebound from a three-month low helped bolster banks.

Oil producer Gazprom Neft, mining company Norilsk and lender Sberbank led the 30-stock MICEX Index up 1.3 percent to 1,100.57. Transneft surged 18 percent after MSCI added the stock to its Russia index.

Stocks rallied in 15 of the 17 markets in eastern Europe after reports showed the euro-region’s economy barely contracted in the second quarter as Germany and France unexpectedly returned to growth, suggesting Europe’s worst recession since World War II is coming to an end. Oil, Russia’s main export, climbed for a second day.

“Investors are looking at the oil price,” said Vladimir Sinitsyn, a trader at Rye, Man & Gor Securities in Moscow. “On the whole global situation, they see no negative impact on the markets.”

The stock market has been mirroring moves in oil by the most on record. Crude for September delivery rose 1.1 percent to $70.96 a barrel as of the close of equity trading in Moscow.

Transneft surged the most in four months to 18,592.27 rubles.

MSCI said the company’s preferred shares will be added to its Russia index from Sept. 1.