Russian stocks edge up on strengthening oil, OPEC statements

MOSCOW, Feb 21 (PRIME) -- The Russian stock market bounced back after a string of negative sessions on Tuesday with the MICEX Oil&Gas index soaring 0.84% supported by OPEC head’s statements and strengthening oil, analysts said.

The MICEX increased 0.41% to 2,127.72 and the RTS rose 0.98% to 1,161.65.

OPEC Secretary General Mohammed Barkindo said that global oil companies – both from OPEC and non-OPEC states - are likely to comply stricter with a supply cut agreement in the next few months.

“Higher crude prices that followed OPEC head’s statement was the reason for the ruble to obtain a firmer position against the dollar and hydrocarbon stocks to gain momentum… The Brent oil price jumped to U.S. $57.2 during the day, approaching this year’s high,” Daniil Yegorov, head of the trade strategy department at a local office of Swiss brokerage house Dukascopy Bank SA said.

The Russian benchmarks’ growth potential looks limited at the moment. They may edge up if the Brent price consolidates at U.S.$57 per barrel or higher, InstaForex analyst Igor Kovalyov said

Novatek, FGC UES and Enel Russia were among the top gainers. Independent gas producer Novatek added 3.19% to 779 rubles on expectations of sound IFRS Q4 2016 results, which will be released on Wednesday. Federal Grid Company of Unified Energy Systems (FGC UES) gained 3.79% to 0.249 rubles on the back of a 2016 financial report demonstrating a 26% rise in revenues under RAS.

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.94%	167.00	6.625
Gazprom	-0.11%	138.35	3.014
Rosneft	+1.43%	354.00	2.033
Lukoil	+0.61%	3,199.50	1.390
ALROSA	-2.21	97.50	1.363

(58.0967 rubles – U.S. $1)

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