Russian stocks contract after Monday’s oil price slump

MOSCOW, Mar 10 (PRIME) -- Russian stocks dropped on Tuesday following Monday’s slump of oil prices and global floors after OPEC+ failure to reach a consensus, but managed to win back part of the intraday losses, analysts said.  

The MOEX Russia Index fell 8.11% to 2,498.94 and the RTS dropped 13.02% to 1,094.18.

“The MOEX Russia Index and the RTS Index remained in a deep minus by the end of trading, although made attempts to retreat from the lows,” Veles Capital analyst Yelena Kozhukhova said. The indices fell to the lows of January 2019 at 2,435 points at the MOEX Russia Index and the lows of December 2018 at 1,055 points at the RTS Index, and then managed to win back part of the lost positions, the analyst said.  

Trading on the U.S. stock floors started with an increase of three main indices, which were adding around 1.2–1.8% by the end of the Russian session. Moderately negative moods prevailed on European floors.

Brent and WTI oil quotations were adding around 6% by the end of Tuesday recovering from Monday’s drop.

Oil and gas producer Surgutneftegas was among growth leaders, with its preferred shares rising 11.4% supported by the ruble’s depreciation, as the company has a sufficient currency liquidity stock, Freedom Finance analyst Valery Yemelyanov said.

Oil producers were among outsiders, with Lukoil dropping 18.65% and Tatneft losing 19.51%.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-8.54	201.20	49.385
Lukoil	-18.65	4549.00	36.019
Gazprom	-9.17	171.00	35.962
Norilsk Nickel	-2.44	21230.00	19.769
Rosneft	-16.91	326.50	12.943

(67.5175 rubles – U.S. $1)

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