Russian stocks edge down as oil prices slide

MOSCOW, Nov 14 (PRIME) -- The Russian stock market made a growth attempt early in the day, but later bounced back to close lower on Tuesday due to a slide of oil prices and negative local corporate events, analysts said.

The MICEX eased 0.04% to 2,166.83 and the RTS fell 1.04% to 1,136.86.

“The market mood worsened before the end of trade… as investors got no new growth drivers, while a decline of oil prices accelerated to 1%,” Veles Broker analyst Yelena Kozhukhova.

Crude prices corrected down on the news the International Energy Agency downgraded its forecast for oil demand growth by 0.1 million barrels per day both in 2017 and 2018 to 1.5 million barrels per day and 1.3 million barrels per day, respectively. The Brent oil price slid to around $62.5 per barrel.

Otkritie Broker analyst Andrei Kochetkov said that the market was supported by Sberbank, for which many analysts are revising their recommendations on the back of sound financial results and the news that it may raise dividend payments to up to 50% in 2018. Russia’s biggest lender added 2.21% to 221.4 rubles.

Gas giant Gazprom lost 0.29% to 132.93 rubles after it released a RAS financial report for January-September marking a net loss of 9.205 billion rubles.

National flagship air carrier Aeroflot was under pressure again. The stock dropped 2.48% to 157 rubles on Rostec CEO Sergei Chemezov’s statement that his company may sell off its 3.5% stake in the airline.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+2.21%	221.4	10.103
Gazprom	-0.29%	132.93	5.622
Lukoil	-0.03%	3325	2.933
Rosneft	-3.29%	314.3	2.857
MMK	-0.22%	46.4	2.702

(59.1823 rubles – U.S. $1)

End