Russian stocks decrease on low oil prices, weak ruble

MOSCOW, Sep 2 (PRIME) -- Russian stocks decreased on Wednesday on the back of oil prices, which resumed their downward correction following a release of disappointing U.S. oil statistical data, analysts said.

The MICEX fell 0.42% to 1,690.82 and the RTS decreased 1.95% to 789.39.

Brent price is balancing at the level of U.S. $48 per barrel on reports that U.S. oil commercial reserves increased by 4.67 million barrels on August 22–28 against a forecast of 300,000 barrels and compared to a decline by 5.45 million barrels registered a weak earlier, InstaForex analyst Igor Kovalyov said.

“The Russian ruble depreciated against main currencies being unable to withstand speculative pressure due to falling oil quotations,” Finam analyst Timur Nigmatullin said. Despite the falling oil prices, the weak ruble provided some support to the MICEX index, the analyst said.

“The dollar-denominated RTS index incurred significant losses today due to the ruble weakening,” Vitaly Manzhos, senior analyst at Bank Obrazovanie, said.

Amid the ruble weakening and decreasing oil prices, investors’ attention was paid to shares of exporters outside the oil and gas sector, Manzhos said. Shares of fertilizer maker Uralkali grew 1.13%, steel maker Novolipetsk Steel (NLMK) gained 1.01%, gold producer Polyus Gold rose 1.40%, coal producer Raspadskaya increased 2.55%, and Magnitogorsk Iron and Steel Works (MMK) rose 3.39%.

Troubled airline Transaero decreased 24.60% after an almost 40% growth on Tuesday and national flag carrier Aeroflot fell 3.79% following reports that Aeroflot plans to buy 75% in the troubled firm.

Below are the MICEX’ five most active stocks on Wednesday:

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.33	72.90	10.197
Gazprom	-1.34	142.57	4.836
Lukoil	-0.61	2440.00	2.737
Norilsk Nickel	+0.20	10350.00	1.824
Rosneft	+2.60	249.00	1.804

(65.3495 rubles – U.S. $1)

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