Russian stocks decrease as VTB plans new share issue

MOSCOW, Feb 7 (PRIME) -- The Russian stock market decreased on Tuesday starting a downward correction on the news about a VTB share issue, analysts said.

The MOEX Russia Index eased by 0.21% to 2,267.69, and the RTS index fell by 0.28% to 1,004.37.

"The MOEX Russia Index reached a new peak of 2,290 since September, after that it started to correct downwards sharply contrary to the mood abroad," Veles Capital analyst Yelena Kozhukhova said.

"The attempts at growth were stopped by the news from VTB. After it the overall investor mood became negative," Otkritie Research leading analyst for global research Andrei Kochetkov said. VTB's CEO Andrei Kostin said the bank would carry out a new share issue worth 270 billion rubles in April–June to solve capital problems.

According to Kozhukhova, the Russian oil producers were the market leaders on media reports about an increase of seaborne oil exports to a maximum since June 2022 at the start of February. Non-disclosed destinations accounted for the bulk of the sales.

Besides, the European Commission said it excluded from sanctions and did not restrict prices of the oil products refined from Russian oil outside Russia, also a positive factor for the companies, the analyst said.

Surgutneftegas grew 0.6% to a maximum since September 2022, she said.

RUSAL was under the pressure, decreasing 1.27% after the U.S. said it plans to introduce 200% duties on Russian aluminum, Kolzhukhova said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-1.24	165.02	13.813
Polyus	-2.76	9084	3.430
Orgsyntez	+29.8	32.84	2.890
Novatek	-0.93	1087.8	2.093
Gazprom	-0.33	159.61	2.037

(70.5991 rubles – U.S. $1)

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