Russian stocks edge up thanks to oil price rebound

MOSCOW, Nov 14 (PRIME) -- The Russian stock market edged up on Wednesday as investors were mostly focused on the crude market that sank 7–8%, but managed to bounce back later in the day, analysts said.

The MOEX Russia Index grew 0.15% to 2,378.59 and the RTS rose 1.56% to 1,117.26.

“The Russian stock market was seen in the negative territory in the first half of the session, but managed to win back previous losses in the afternoon. In the morning, the market was pressured by weakening crude. The Brent oil price hit a several-month lowest of U.S. $65 per barrel, but suddenly reversed (to over $67),” Veles Capital analysts said in a research note.

Oil companies were among the worst performers. Rosneft lost 3.69% to 427.25 rubles, Lukoil fell 1.97% to 4,862 rubles, and Tatneft slid 3.47% to 765.5 rubles.

National flagship air carrier Aeroflot added a significant 5.79% to 103.04 rubles on a media report that the U.S. Congress plans to postpone new sanctions against Russia, which may hurt the company, to 2019.

Precious metals producer Polymetal International surged 4.71% to 649.2 rubles in the wake of a decision to include the stock in the MSCI Russia index on November 30.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	1.34	199.2	16.356
Rosneft	-3.71	427.15	4.920
Lukoil	-2.08	4856.5	4.699
Gazprom	+2.03	151.85	4.485
Polymetal	+4.71	649.2	1.825

(67.6812 rubles – U.S. $1)

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