Russian stocks edge up on lack of news, Iran nuke talks concerns

MOSCOW, Mar 31 (PRIME) -- Russian stocks increased slightly on Tuesday amid lack of news as investors waited for results of negotiations on Iran’s nuclear program because the country might supply additional oil volumes to the market if sanctions against it are lifted, analysts said.

The MICEX rose 0.83% to 1,626.18 and the RTS increased 0.17% to 880.42.

“Today speculations about considerably cheapened oil became the main factor that determined the dynamics of Russian stock indexes and of the ruble exchange rate,” Timur Nigmatullin, a Finam analyst, said.

Market participants were afraid of soon easing sanctions against Iran after negotiations, which are being held in Lausanne over its nuclear program, are finished, Nigmatullin said. Iran has over 30 million barrels of oil in its storages, or up to one third of the global daily oil consumption, and if the country supplies them to the market in the short term, it may bring oil prices down, he said.

Andrei Dirgin, head of the analytical department of Alfa-Forex, said that a consensus on the nuclear issue has not been found yet.

U.S. shale oil production proved to be more resistant to oil price falls than it was expected and it carries additional risks for the oil market and consequently for the stock market, Nigmatullin said.

Mechel fell 1.52% in a downward correction after a 25.5% rise on Monday, Anton Fomin, analyst at InstaForex, said.

Surgutneftegas’ preferred shares rose 2.89% in anticipation of a generous dividend payout with a yield at about 19%, Veles Capital’s analysts said in a research note.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.21	62.88	7.110
Gazprom	+1.39	138.90	4.801
Norilsk Nickel	-1.24	10399.00	3.793
Lukoil	+1.81	2705.00	2.216
VTB	-0.03	0.06000	2.062

(58.4643 rubles – U.S. $1)

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