Russian stocks decline as Europe slaps new package of sanctions

MOSCOW, Oct 6 (PRIME) -- The Russian stock market edged down on Thursday after imposition of the eighth package of sanctions by the E.U. although the market was simultaneously supported by the OPEC+’s previous decision to reduce oil production, analysts said.

The MOEX Russia Index fell 0.46% to 2,020.63 and the RTS decreased 1.61% to 1,044.82.

“The Russian stock market finished trading slightly in the negative territory, failing to advance growth due to a new sanctions package imposed by the E.U.,” Veles Broker analyst Yelena Kozhukhova said.

She added that the E.U. slapped the eighth package of sanctions against Russia, including a legal framework for capping the price of seaborne Russian oil, which was not news for investors.

Kozhukhova also said that the Russian benchmarks failed to receive growth impulses from dividend stories of gas giant Gazprom and oil company Tatneft and that many sectors of the Russian economy continue to feel the sanctions pressure, which prevents investors from large-scale purchases.

Managing company Pervaya analyst Dmitry Postolenko said that the Russian market was supported by Wednesday’s decision of the OPEC+ alliance to reduce oil output by 2 million barrels per day.

He also said that precious metals producer Polyus outperformed the market rising by 0.4% on further growth of gold prices.  

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	+1.89	213	10.185
Sberbank	+0.04	108.55	5.351
Rosneft	+1.63	287.6	2.304
Lukoil	-1.58	4037.5	1.796
Yandex	-1.88	1991.6	1.555

(59.4043 rubles – U.S. $1)

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