Russian stocks close mixed after oil prices resume growth

MOSCOW, Sep 20 (PRIME) -- Russian stocks closed mixed on Tuesday after oil prices resumed growth by the end of the trading day, analysts said.

The MICEX rose 0.24% to 1,991.78 and the RTS was flat at 969.71.

The stock market was falling almost the entire trading day pressured by oil prices, which were decreasing on Nigeria’s increased oil output and in anticipation of the U.S. higher oil reserves, Veles Capital analyst Alexander Kostyukov said.

“But in the evening Russia’s permanent representative to OPEC said that Russia is ready to support stabilization of oil prices during a year, which removed oil quotations from the red zone and pushed the Russian stock market up,” Kostyukov said.

The dollar-denominated RTS index “was put under intensified pressure due to outlined weakening of the ruble,” Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said.

Independent gas producer Novatek dropped 2.93% on reports that the government may increase the mineral extraction tax (MET) on gas and gas condensate for independent gas producers already in 2017, Manzhos said.

The second largest bank VTB was falling during the day and closed flat following reports that the U.S. Commodity Futures Trading Commission (CFTC) imposed a U.S. $5 million fine on the bank and its unit VTB Capital for allegedly fictitious deals in rubles and dollars, Finam analyst Bogdan Zvarich said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.43	149.30	5.214
Gazprom	+0.30	137.00	2.461
Surgutneftegas	+3.10	29.735	1.727
Lukoil	+1.23	3055.00	1.439
Novatek	-2.93	639.10	1.347

(64.9173 rubles – U.S. $1)

End