Russian stocks edge up following firmer oil price, ruble

MOSCOW, Jul 14 (PRIME) -- Russian stocks firmed on Friday thanks to rising oil prices and the ruble, analysts said.

The MICEX rose 0.04% to 1,960.69 and the RTS increased 1.40% to 1,044.27.

“At the beginning of trade, Russian indices tried to retract, but they managed to return into the green zone thanks to purchases on the oil market. Risky assets were also supported by a recent soft statement of U.S. Federal Reserve System’s Chairwoman Janet Yellen, who said that monetary policy toughening will be smooth,” Igor Kovalyov, an analyst at InstaForex, said.

Andrei Kochetkov, an analyst at Otkritie Broker, said that a weak U.S. dollar supported oil and strengthening of the ruble.

“This situation was negative for some securities, but the general impact from that was positive,” he said.

Kochetkov also said that the ruble pushed down shares that are sensitive about its rate. Magnitogorsk Iron and Steel Works (MMK) looked weaker than the market and lost 3.24% to 34.35 rubles.

Shares of metals and mining group Mechel fell 4.36% to 141.50 rubles as the Arbitration Court of the Rostov Region obliged the company to redeem 12.7 billion rubles of losses to Dutch company Atrix, owner of the Rostov Electrometallurgical Plant, Kochetkov said.

Dmitry Zatravkin, an analyst at investment company Veles Capital, said that retailer Dixy Group were among the gain leaders rising 5.14% to 225 rubles after the company said it will buy back up to 10% of shares.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.91	161.40	7.029
Gazprom	-0.44	125.00	2.711
ALROSA	+0.27	96.10	1.523
Lukoil	+0.50	2923.00	1.508
Norilsk Nickel	-0.19	8480.00	1.139

(60.1836 rubles – U.S. $1)

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