January 18, 2018 / 8:27 AM / a year ago

Russia's benchmark MOEX stock index climbs to all-time high

MOSCOW, Jan 18 (Reuters) - The Russian benchmark stock index hit an all-time high on Thursday, catching up with the gains of major global peers and buoyed by favourable oil prices.

The MOEX index, previously known as the MICEX, hit its highest ever level of 2,295.53 in early trade in Moscow, gaining 8.5 percent so far this year.

As of 0757 GMT, the MOEX was 0.4 percent higher at 2,287.3, while its dollar-traded peer RTS also traded 0.4 percent higher at 1,269.2 after briefly touching 1,274.89, a level last seen in August, 2014.

Russian stocks advanced after the Dow Jones Industrial Average reached an all-time high of 26,115.65 overnight.

Prices for oil, Russia’s key export, played on the upside for Russian assets as well. Brent crude futures were steady at $69.4 per barrel, hovering far above levels of around $40 per barrel that both the Russian government and the central bank had predicted several months ago.

The rouble also saw support from oil prices, trading 0.04 percent stronger 56.74 against the dollar and inching closer to its strongest level of 56.20 since early June.

Against the euro, the rouble gained 0.1 percent to 69.28 .

The rouble’s upside, however, is limited by the finance ministry that buys dollars on the market to replenish reserves it spent on plugging holes in the budget.

For rouble poll data see reuters://realtime/verb=Open/url=cpurl://apps.cp./Apps/fx-polls?RIC=RUB=

For Russian equities guide see

For Russian treasury bonds see

Russia in graphics: link.reuters.com/dun63s (Reporting by Andrey Ostroukh Editing by Jeremy Gaunt)

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