Russian stocks continue to grow supported by higher oil

MOSCOW, Dec 20 (PRIME) -- The Russian stock market increased on Wednesday thanks to a continued rise in oil prices and positive dynamics of the global markets, analysts said.

The MOEX Russia Index grew 0.68% to 3,104.66 and the RTS Index edged up 0.07% to 1,075.11.

“The MOEX Russia Index went above the mark of 3,100. The potential for further growth persists. The drivers are still the same: rising oil, positive dynamics of the global markets and the recent hike of the key rate by the central bank in line with market expectations,” Andrei Alekseyev, portfolio manager at managing company Pervaya, said.

Veles Broker analyst Yelena Kozhukhova also said that “the MOEX Russia Index and the RTS Index were on firm ground amid higher oil prices, with the ruble indicator rising above 3,100 and reaching the first mark of an upward correction.”

The nearest futures on Brent and WTI oil gained about 1.5% and consolidated above the resistance level of U.S. $78.50 and $73.60, respectively. According to Kozhukhova, “the prices in the context of delays in shipping in the Red Sea, weaker dollar and soon expansion of oil output reduction confirm that they are going to the level of $84.60 and $79.60.”

The Western bourses were consolidating during the day, with the futures on the U.S. indicators showing signs of a possible downward correction. Despite optimistic macroeconomic signals, buyers may be driven away by the proximity of recent maximums and the Christmas holidays, Kozhukhova said.

The stocks of oil and gas, metals, and retail companies were among growth leaders during the day, while the stocks of financial companies showed decline, analysts said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.01	267.33	7.134
Lukoil	+1.04	6779	4.978
Yandex	+1.91	2285	4.892
Gazprom	-0.77	164.2	4.155
Magnit	+3.36	6695	3.541

(90.0870 rubles – U.S. $1)

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