Russian stocks edge up as oil prices grow, sanctions concerns ease

MOSCOW, Sep 28 (PRIME) -- Russian stocks edged up on Friday supported by rising oil prices and easing concerns over the next round of U.S. sanctions, analysts said.

The MOEX Russia Index rose 0.03% to 2,475.36 and the RTS increased 0.35% to 1,192.04.

“Russian indices and the ruble in general finished the week at an optimistic note. The mood was supported by high oil prices, a delay in the sanction issue, and optimism abroad,” Veles Broker’s analyst Yelena Kozhukhova said.

The Brent oil price gained 1.257% to U.S. $82.76 per barrel as of 6:07 p.m. Moscow time, according to the ICE exchange.

Veles Capital’s analyst Alexei Adonin said that earlier in the day, a positive trend in Russia was almost destroyed by the Italian government, which had drawn up the 2019 budget with a significant deficit of 2.4% of the gross domestic product (GDP).

“The piece of news made the Italian stock market plunge 4% and drag down the majority of Western bourses…But the growing oil price kept the Russian market from falling further as futures for the Brent gained more than 1.2% on market expectations of contraction in Iranian black gold supplies,” Adonin said.

Otkritie Broker’s analyst Andrei Kochetkov said that shares of the Moscow Exchange plummeted 5.62% after the bourse decided against payment of interim dividends.

Shares of metals giant Norilsk Nickel shrank due to a dividend cut-off, Kochetkov said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.38	203.32	20.640
Rosneft	+3.14	493.00	4.160
Lukoil	+1.41	5022.00	3.799
Norilsk Nickel	-3.74	11388.00	3.611
Gazprom	+0.50	162.61	3.068

(65.8355 rubles – U.S. $1)

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