Russian stocks close mixed on stronger ruble

MOSCOW, May 11 (PRIME) -- The Russian stock market closed mixed on Wednesday mainly affected by a firmer ruble, analysts said.

The MOEX Russia Index fell by 0.25% to 2,387.14 and the RTS increased by 3.30% to 1,123.93.

“The Russian stock market did not show unified dynamics as it was under the impact of dynamics of the ruble and under the pressure of geopolitical tensions … Risk appetite on the international stock floors strengthened, but it was not enough for interest in the Russian assets to return. Dynamics of the ruble supported growth of the U.S. dollar-nominated RTS Index once again,” Veles Capital’s analyst Yelena Kozhukhova said.

The futures for the U.S. indices rose on expectations that the April data on consumer inflation in the U.S. could be favorable and prompt the Federal Reserve System to soften its stance and supported risky assets. The European bourses also grew because of the high appetite for risk and robust quarterly report of Thyssenkrupp. Even the Brent oil price increased, she said.

“The Russian market tried to grow in the first half of the day, but strengthening of the ruble reduced the attempts to zero. The shares of the oil and gas companies tried to grow as the E.U. vote on the sixth round of sanctions, which included an embargo on Russian oil, failed. Trade remains thin,” Otkritie Research’s leading analyst Andrei Kochetkov said.

Kochetkov also said that Mechel and coal producer Raspadskaya grew by 1.81% and 1.21%. India’s three-year plan for replenishment of reserves for the power sector may have impacted the Russian coal sector, as coal supplies from Indonesia and Australia have been partially redirected to Europe, and Russian coal becomes the only alternative source for India.

Kozhukhkova said that agricultural holding Rusagro was among the market leaders gaining 3.64% to 900.80 rubles as its adjusted earnings before taxes, depreciation, and amortization almost doubled to 16.887 billion rubles in January–March as calculated under International Financial Reporting Standards.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.19	123.34	4.074
Gazprom	+0.79	241.99	4.000
Norilsk Nickel	-2.00	21330.00	1.195
Lukoil	-0.77	4600.00	1.116
PhosAgro	+6.90	7933.00	0.841

(67.3843 rubles – U.S. $1)

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