Russian stock market rises on oil rebound, higher global stocks

MOSCOW, Jul 11 (PRIME) -- Russian stocks increased on Monday as oil prices rebounded and global stocks rose on expectations of expanding monetary stimulus in Japan, and after releases of strong U.S. and Chinese statistics, analysts said.

The MICEX rose 0.99% to 1,913.12 and the RTS increased 0.75% to 941.35.

“The Brent price recovered from a daily low of about U.S. $45.94 and came close to $47,” Andrei Dirgin, head of the analytical department at Alfa-Forex, said.

“The external background for the Russian market was positive today,” Vasily Tanurkov, deputy director for stock market management at Veles Capital, said. “Most global stock markets increased on expectations the Bank of Japan will expand monetary stimulus after the party of Japan’s Prime Minister Shinzo Abe won Sunday’s upper house election.”

Forex Club analyst Irina Rogova said Russian stocks were supported by rising U.S., E.U. and Asian indices futures, which were backed by strong U.S. labor statistics, and the news that Chinese inflation slowed down.

Bank Obrazovanie Senior Analyst Vitaly Manzhos said top Russian lender Sberbank, which grew 2.08% to 137.2 rubles per common share and increased 1.3% to 92.7 rubles per preferred share, was still supported by strong financial results for January–June under Russian Accounting Standards (RAS) with the bank’s net profit almost tripling to 229.4 billion rubles.

Oil producer Lukoil fell 1.29% to 2,752 rubles on dividend cut, Manzhos said.

Oil company Bashneft increased 2.8% to 2,841.5 rubles in anticipation of Friday, a record date for company’s dividends, Tanurkov said. Otkritie Broker analyst Andrei Kochetkov said Bashneft rose because it is likely to be privatized soon.

Uncut diamond mining giant ALROSA increased 0.46% to 67.86 rubles on the news that a stake in the company was successfully privatized, Kochetkov said.

Grocery retailer Magnit rose 0.94% to 9,348 rubles after posting higher operating results, Tanurkov said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+2.08	137.20	9.534
Gazprom	+0.81	141.40	2.353
Lukoil	-1.29	2752.00	2.203
Magnit	+0.94	9348.00	2.075
ALROSA	+0.46	67.86	1.752

(64.2488 rubles – U.S. $1)

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