Oil price slide, negative local events push Russian stocks down

MOSCOW, Oct 20 (PRIME) -- The Russian stock market eased on Friday in the wake of an oil price correction and negative domestic reports, analysts said.

The MICEX eased 0.04% to 2,071.83 and the RTS fell 0.37% to 1,134.45.

“The bearish trend was backed by a further decline of crude prices as all growth drivers had been priced in and bulls took profits,” Raiffeisen Capital analyst Sofya Kirsanova said.

B&N Bank analyst Anton Pokatovich said that the Brent crude futures fell to $57 per barrel following cooling of tensions in Iraq. Iraqi forces had managed to take over most of local oil infrastructure and refineries previously held by the Kurds.

Kirsanova also said that retailer Magnit’s 53% net profit fall to IFRS in July-September together with an ambitious capex and new store plan was among the most important corporate events suppressing the market. The stock slid by a significant 9.48% to 8,550 rubles.

Metal stocks won back previous losses being among top performers. Aluminum giant UC RUSAL gained 2.72% to 39.22 rubles and metallurgic company Norilsk Nickel added 1.61% to 10,696 rubles.

Below are the MICEX’ five most active stocks on Friday:

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Magnit	-9.48%	8550	9.628
Sberbank	+0.4%	192.97	5.602
Gazprom	+0.96%	126.7	2.666
Norilsk Nickel	+1.61%	10696	2.244
Lukoil	+0.3%	2994	1.280

(57.5118 rubles – U.S. $1)

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