Emerging markets advance as $50 oil boosts energy shares

Emerging-market stocks and currencies gained for a second day as Brent crude’s climb above $50 a barrel for the first time in six monthsboosted the outlook for commodity-producing countries.

A gauge tracking energy stocks in developing countries jumped 1.4 percent, led by Gazprom PAO in Moscow and Cnooc Ltd. in Hong Kong. Mexico’s peso, Malaysia’s ringgit and the South African rand added at least 0.5 percent. Equities in Nigeria, Africa’s second-biggest crude producer, rose to the highest level since November. Larsen & Toubro Ltd. increased the most since 2009 in Mumbai after earnings beat estimates. Turkish stocks declined as Deputy Prime Minister Mehmet Simsek lost some of his economic oversight roles.

Emerging-market stocks and currencies gained for a second day as Brent crude’s climb above $50 a barrel for the first time in six monthsboosted the outlook for commodity-producing countries.

A gauge tracking energy stocks in developing countries jumped 1.4 percent, led by Gazprom PAO in Moscow and Cnooc Ltd. in Hong Kong. Mexico’s peso, Malaysia’s ringgit and the South African rand added at least 0.5 percent. Equities in Nigeria, Africa’s second-biggest crude producer, rose to the highest level since November. Larsen & Toubro Ltd. increased the most since 2009 in Mumbai after earnings beat estimates. Turkish stocks declined as Deputy Prime Minister Mehmet Simsek lost some of his economic oversight roles.