Russian stocks edge down in line with oil prices dynamics
MOSCOW, Jan 16 (PRIME) -- The Russian stock market fell on Tuesday following a downward correction of crude prices, analysts said.
The MOEX Russia Index lost 0.16% to 2,257.89 and the RTS 0.25% to 1,261.09.
УCrude prices started correcting down as foreign currency is revalued, and the Brent oil price dropped 0.5% failing to consolidate over a $70 per barrel markЕ (pulling) the Russian indices into the red territory,Ф Yevgeniya Abramovich, head of the currency risks analysis department at Swiss brokerage house Dukascopy Bank S.A., said.
Investment company Finam analyst Vasily Oleinik said that the Russian market was also hit by concerns of tougher U.S. sanctions, which are to be announced on January 29.
National flagship carrier Aeroflot was among the biggest losers demonstrating a 3.99% decrease to 140.75 rubles. Alpari senior analyst Anna Bodrova said that strong crude and fuel prices are negative for the company and will force it to raise rates or increase expenses. Some signals may already be seen in the October-December financial report, she added.
Oleinik said that metals producer Norilsk Nickel slid 3.19% to 11,375 rubles on a 4% decline of nickel prices. Oil company Lukoil and steel producer Severstal corrected down following a previous rally, the stocks fell 0.37% to 3,862 rubles and 1.94% to 945 rubles, respectively.
Below are the MOEX Russia IndexТs five most active stocks on Tuesday:
|Company||Change, %||Last price, rbl||Trading volume, bln rbl|
(56.3569 rubles Ц U.S. $1)