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.

“The Russian stock market opened with jitters because of events in Argentina where another economic default is possible… However, the fears vanished by the middle of the day as Russia’s economic state is different,” 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 MegaFon’s free float fell to an unacceptably low level.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+2.25	182	11.442
Gazprom	+2.72	149.95	4.881
Lukoil	-0.03	4700.5	3.343
Norilsk Nickel	-0.37	11220	1.401
ALROSA	+0.80	101.39	1.179

(68.0821 rubles – U.S. $1)

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