Russian stocks decline on falling oil, lack of growth drivers

MOSCOW, Mar 1 (PRIME) -- Russian stocks decreased on Friday amid positive dynamics on foreign floors, falling oil prices, and a lack of growth drivers, analysts said.

The MOEX Russia Index fell 0.29% to 2,478.01 and the RTS decreased 0.08% to 1,187.35.

“The MOEX Russia Index and the RTS Index are finishing the week below psychologically important marks of 2,500 and 1,200 points, but retain medium-term support located in the area of 2,420 and 1,140 points,” Veles Capital analyst Yelena Kozhukhova said.

Otkritie Broker analyst Andrei Kochetkov said, “With quite a positive background, the Russian market lacks motivation for growth.”

Trading in the U.S. started with growth of three main indices, which were adding 0.2–0.5% as trading in Russia closed. Investors were charged with optimism on the trade issue after a series of optimistic comments by senior U.S. officials, indicating the possibility of a deal with China in the coming weeks, Kozhukhova said.

Optimistic moods were seen on European floors. Oil quotations switched to downward dynamics and were losing around 1% by the end of the day.  

Retailer Magnit and Internet giant Yandex were among growth leaders, adding 3.28% and 1.78%, respectively.

Coal producer Raspadskaya and gold producer Polymetal were among outsiders, losing 4.37% and 2.75%, respectively.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.61	206.54	9.559
Gazprom	-1.43	156.71	3.449
Lukoil	-0.01	5500.50	2.682
Magnit	+3.28	3904.00	1.490
Norilsk Nickel	-0.1	14100.00	1.441

(65.8895 rubles – U.S. $1)

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