Russian stocks edge up in recovery from sanctions-led losses
MOSCOW, Aug 31 (PRIME) -- The Russian stock market on Friday corrected upwards after its previous losses caused by fresh U.S. sanctions, analysts said.
The MOEX Russia Index grew 0.64% to 2,345.85 and the RTS rose 1.56% to 1,092.29.
УThe Russian stock market opened with jitters because of events in Argentina where another economic default is possibleЕ However, the fears vanished by the middle of the day as RussiaТs economic state is different,Ф Otkritie Broker analyst Andrei Kochetkov said.
Veles Broker analyst Yelena Kozhukhova said that despite a negative global environment the domestic market expectedly corrected after previous shocks triggered by U.S. anti-Russian sanctions.
Kochetkov said that overheated gas producer Novatek fell 1.5% to 1,083 rubles as the stock continues a downward correction.
Financial group Safmar was among the best performers, adding 5.71% to 803.4 rubles following acquisition of Russia-based Media Markt stores by its subsidiary gadget and household appliance retailer M.Video-Eldorado Group.
Telecom company MegaFon lost another 5.63% to 505 rubles on the news that two executives sold their entire stakes in the company. Additionally, the Moscow Exchange excluded the stock from its indices as MegaFonТs free float fell to an unacceptably low level.
Below are the MOEX Russia IndexТs five most active stocks on Friday:
|Company||Change, %||Last price, rbl||Trading volume, bln rbl|
(68.0821 rubles Ц U.S. $1)