Russian stocks close higher as oil prices rebound

MOSCOW, Jun 8 (PRIME) -- Russian stocks closed higher on Thursday after declining throughout the day in line with oil prices, which resumed growth by the end of trading, analysts said.  

The MICEX rose 0.31% to 1,874.21 and the RTS increased 0.41% to 1,038.50.

“Despite negative foreign background, the Russian stock market managed to win back part of losses suffered a day earlier,” Finam analyst Bogdan Zvarich said.

The Brent oil price, which was falling the whole day pressured by disappointing U.S. oil statistics data, managed to surpass the U.S. $48 per barrel notch as Russian trading closed.

“The dynamics of oil prices remain the main driver for the Russian market. And until such negative dynamics remain on the “black gold” market, any rebound attempts will be apparently replaced with sales,” InstaForex analyst Igor Kovalyov said.

Oil company Tatneft gained 0.53% on reports that its net profit doubled on the year to 36.6 billion rubles in January–March, as calculated under International Financial Reporting Standards (IFRS).

Metals and mining group Mechel’s common shares lost 5.35% and preferred shares grew 5.85% after the company’s board of directors recommended paying no dividends on common shares and 10.28 rubles per preferred share, or a total of 1.426 billion rubles, in dividends for 2016.

Uncut diamond mining giant ALROSA contracted 0.14% after saying that its revenue from diamond sales fell 5% on the year to over U.S. $2.13 billion in January–May.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.58	151.93	10.234
Gazprom	+0.32	119.30	3.273
Rosneft	-0.16	307.50	1.791
ALROSA	-0.14	86.24	1.691
Moscow Exchange	+0.11	104.00	1.636

(56.5878 rubles – U.S. $1)

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