Positive corporate, government news drag Russian stocks upwards

MOSCOW, Nov 7 (PRIME) -- The Russian stock market opened higher and grew during the day on Tuesday thanks to encouraging corporate and government news, analysts said.

The MOEX Russia Index rose 0.35% to 3,246.34 and the RTS increased 0.31% to 1,107.2.

“The Russian stock market started the day with slight growth, which accelerated during the day,” Freedom Finance Global’s Senior Analyst Natalya Milchakova said.

“The quotations were supported by positive corporate news and the Russian government’s statements about rising non-energy budget revenue in January–October and a budget surplus registered last month,” she added.

Non-energy revenue increased by 28.7% to 15.896 trillion rubles in January–October, the Finance Ministry said quoting preliminary estimates.

Milchakova said that the news about the trade between Russia and China increasing by 28% on the year to U.S. $197 billion was also perceived positively.

Agricultural holding Rusagro was among the day’s leaders adding more than 6% on First Deputy Prime Minister Andrei Belousov’s statement about the importance of the industry for Russia’s economic sovereignty, she also said.

Senior Trader at managing company Alfa-Capital Vladislav Silayev said that the shares of the consumer and financial sectors looked confident during the day.

Below are the MOEX Russia Index’s five most active stocks on Tuesday:

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.17	273.89	8.082
Mechel	+3.29	293	5.807
Lukoil	-0.35	7350	3.769
Gazprom	+0.15	169.73	2.421
Magnit	+2.61	6050.5	2.254

(92.4151 rubles – U.S. $1)

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