Russian stocks edge up backed by rising oil, European floors

MOSCOW, Oct 16 (PRIME) -- The Russian stock market closed slightly higher on Monday supported by strong oil and a positive external background, analysts said.

The MICEX grew 0.36% to 2,106.39 and the RTS rose 0.14% to 1,158.24.

“The Brent oil price surged to $58.2 per barrel. It failed to drive the Russian stock indices much higher, but supported them… The MICEX and the RTS were trading above 2,100 and 1,150 during the day due to the high crude prices,” Anastasia Sosnova, senior analyst at Bank Rossiysky Capital, said.

Senior analyst at Zerich Capital Management Viktor Markov said that the MICEX again tried to break through and consolidate over a strong resistance mark of 2,100. The market is waiting for the U.S. to implement sanctions, but it is procrastinating saying new rules for local companies are being developed.

Real estate developer PIK Group was among the biggest losers falling 4.76% to 309.8 rubles on the news that businessman Sergei Gordeyev raised his stake in the company to 74.6% after buying shares from Alexander Mamut.

Metal companies outperformed the market. Mining and metallurgic company Norilsk Nickel added 2.76% to 10,780 rubles, steelmaker Novolipetsk Steel (NLMK) rose 2.47% to 136.29 rubles and Magnitogorsk Iron and Steel Works (MMK) 2.19% to 46.475 rubles.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Norilsk Nickel	+2.76%	10780	6.282
Sberbank	+0.62%	197.7	5.334
Gazprom	+0.24%	127.17	3.031
Moscow Exchange	+1.01%	121.71	1.549
Lukoil	+0.07%	3020	1.284

(57.6196 rubles – U.S. $1)

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