Russian stocks edge up due to strengthening crude prices

MOSCOW, Jul 26 (PRIME) -- The Russian stock market closed higher following mixed trade on Wednesday backed by the Brent oil futures consolidation above a $50 per barrel mark, analysts said.

The MICEX grew 0.49% to 1,933.10 and the RTS rose 1.04% to 1,020.60.

“The Russian market has demonstrated optimism although growth looked fragile and uncertain due to the sanction aspect, which had mostly been priced in. If the crude price rally resumes, it can drive the domestic benchmarks up,” Sergei Melnikov, chief analyst at Forex broker Global FX, said.

On Tuesday, the U.S. Congress voted for a bill to slap new sanctions against Russia and several other states.

InstaForex analyst Igor Kovalyov said that the Russian market disregarded new U.S. sanctions and was supported by global rating agency Fitch’s statements that they can exert a moderately positive impact on the state gas giant Gazprom.

The Brent oil futures consolidated at around $50.5 per barrel on profit-taking following statements by the OPEC+ monitoring committee and positive U.S. drilling cues.

Independent gas producer Novatek sagged 0.24% to 612.5 rubles after it published a January-June IFRS report showing that its net profit more than halved to 74.261 billion rubles.

Coal maker Raspadskaya was among the top gainers and added 5.75% to 73.6 rubles on sound operating results in January–June marking a 22% rise in coal production and a 13% advance in exports.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.83%	161.55	6.873
Gazprom	+0.51%	119	2.650
Norilsk Nickel	-0.33%	8646	2.529
Lukoil	-0.07%	2833	1.733
Rosneft	-1.32%	310	1.321

(59.8185 rubles – U.S. $1)

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