MOSCOW, Sep 29 (PRIME) -- The Russian stock market eased on Wednesday, following volatile external markets and global uncertainty, analysts said.
The MOEX Russia Index dropped 0.17% to 4,058.37 and the RTS increased 0.01% to 1,756.52.
According to Veles Capital’s Yelena Kozhukhova, the external background was mildly positive, with the European and Asian markets trading with neutral dynamics and oil prices rising despite an unexpected increase in U.S. oil reserves of 4.57 million barrels.
“Global markets were trying to buy back yesterday’s dip caused by fears of a surge in inflation due to the burgeoning energy crisis. This could hit economic growth while depriving central banks of the ability to continue supporting the economy with monetary stimulus,” Dmitry Babin of BCS Financial Group said.
Kozhukhova also said that gold miners remained under downward pressure due to a further drop in precious metal prices. “Prices felt the negative impact of rising government bond yields, as well as the strengthening dollar,” she said.
Power producer Inter RAO’s stocks were supported by the news of China’s requests to significantly increase power exports from Russia due to a deficit in some provinces, Kozhukhova also said.
Bank Saint Petersburg’s stocks rose after recent statements by Vice President Stanislav Filatov about a possible raising of the dividend, provided there is a stable level of return on capital of at least 15%, Kozhukhova said.
Below are the MOEX Russia Index’s five most active stocks on Wednesday:
| Company | Change, % | Last price, rbl | Trading volume, bln rbl |
|---|---|---|---|
| Gazprom | +0.76 | 356.76 | 13.175 |
| Sberbank | -0.56 | 327.46 | 7.025 |
| Norilsk Nickel | -0.51 | 22210 | 6.906 |
| Lukoil | -0.06 | 6964 | 5.421 |
| Rosneft | -0.34 | 615.75 | 4.287 |
(72.5083 rubles – U.S. $1)
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