Russian stock market edges up amid high oil, N Stream uncertainty

MOSCOW, Sep 5 (PRIME) -- The Russian stock market moderately increased at the closure on Monday after its decline during the day on the back of oil prices growth, but was also negatively affected by the E.U. indices reaction to prospects of the Nord Stream’s restoration, analysts said.

The MOEX Russia Index rose 0.69% to 2,488.44 and the RTS increased 0.25% to 1,287.78.

“Thanks to a rally in oil prices, the Russian market was able to continue growing on Monday, although its pace was rather modest, and during the day, quotations went into a slight minus,” Freedom Finance Global senior analyst Natalya Milchakova said.

Otkritie Research’s leading analyst Andrei Kochetkov said that “unclear prospects of the Nord Stream gas pipeline’s restoration highly negatively affected the European indices and the Russian stocks followed them.”

The Brent oil price rose by 3.8% to U.S. $96.55 per barrel on the back of the OPEC+’s decision to reduce the reduction quotas by 100,000 barrels per day starting from October 1.

Yevgeny Linchik, head of the stock managing department at managing company Pervaya, said that consumer and commercial services, as well as communication and transport were in the leaders during the session.

He also said that “mixed dynamics of the indices is possible tomorrow” and that “one more impulse of growth of the Russian market is possible in case of growth of oil quotations.”

RussNeft became the absolute growth leader, increasing by 12.28%, thanks to higher oil prices and Tuesday’s closure of the register for participation in an annual general meeting of shareholders, Milchakova said.

Polymetal grew better than the market by 11.31% thanks to recovering silver prices, Milchakova said.

Sberbank joined the list of outsiders on the news that conversion of depositary receipts into shares is finished, she also said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-1.95	141	12.371
Gazprom	-1.11	250	7.604
Lukoil	+1.37	4658	5.190
Novatek	+4.2	1197	3.449
Rosneft	0	385.10	1.574

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