Russian stocks close mixed in correction, rising oil

MOSCOW, Apr 12 (PRIME) -- Russian stocks closed mixed on Tuesday as the MICEX index eased due to correction after Monday’s growth, while the RTS index increased supported by the ruble’s performance on the background of growing oil prices, analysts said.

The MICEX fell 0.40% to 1,899.26 and the RTS increased 1.12% to 911.07.

“After yesterday’s growth, signs of correction have emerged on the Russian market. External floors remain in the green zone…while the Brent oil price has been firmly holding above the U.S. $43 per barrel mark,” Igor Kovalyov, an analyst at InstaForex, said.

The RTS remained above 900 points thanks to a strong position of the ruble which has grown more than 1% against the U.S. dollar and the euro.

Andrei Dirgin, director of analytical department at Alfa-Forex, said that the rally in oil and Monday’s growth of the Russian stocks were based on positive expectations that oil producers will agree to freeze oil production at an April 17 meeting in Doha.

“As we are coming close to the meeting of the key players of the market, the number of optimists is growing…But it is still unclear what will happen with Iran and Saudi Arabia. The former does not want to partake in the initiative…and the latter one sees no reason in it without Tehran. But for now, players tend to believe in a positive outcome,” Dirgin said. Sales in Russian shares were carried out against a favorable external background, and even many blue chips became cheaper in spite of the higher oil prices. “It looks like many investors and speculators think that the Russian market is somewhat overheated after recent purchases,” Vitaly Manzhos, senior analyst at Bank Obrazovanie, said.

Oil major Rosneft was among the losers falling 1.54% to 320 rubles in correction after hitting an all-time high on Monday, Manzhos said.

Multi-industry holding Sistema went up 2.85% to 18.40 rubles after President Mikhail Shamolin said the company is studying an initial public offerings (IPOs) of private clinic chain Medsi group and pulp and paper holding Segezha Group at the Moscow Exchange, Kovalyov said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.51	117.95	14.222
Gazprom	+1.09	148.90	5.551
Lukoil	-0.82	2775.00	3.329
Norilsk Nickel	-0.60	8730.00	4.487
Magnit	-1.22	10129.00	2.070

(67.1250 rubles – U.S. $1)

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