Russian stocks fall amid low oil prices, lack of growth drivers

MOSCOW, Mar 27 (PRIME) -- Russian stocks decreased on Wednesday amid falling oil prices, a worsened foreign background and a lack of growth drivers, analysts said.

The MOEX Russia Index fell 1.00% to 2,487.48 and the RTS decreased 1.85% to 1,207.23.

“The MOEX Russia Index and the RTS index remained in minus by the end of trading on Wednesday as a result of a worsened foreign background and a lack of new growth drivers,” Veles Capital analyst Yelena Kozhukhova said.

Trading on the U.S. stock floors started with growth of three main indices, which turned to a decline by the end of Russia’s trading session and were losing 0.7–1.2%. Moderately pessimistic moods were seen on European floors.

Oil quotations switched to a decline by the end of Russia’s trading and were losing 0.5–1%.

BCS Broker expert Dmitry Babin said that “Russian assets remain under a significant pressure of geopolitical risks and a high sanction uncertainty.”

Oil major Lukoil was among growth leaders, rising 0.71%, Kozhukhova said.

Oil company RussNeft was among outsiders, losing 4.44% despite reporting that its net profit doubled to 14.773 billion rubles in 2018, as calculated under International Financial Reporting Standards (IFRS).

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-1.79	214.10	15.597
Norilsk Nickel	-2.98	13874.00	6.161
Gazprom	-1.08	149.49	3.589
Lukoil	+0.71	5850.00	3.167
Sberbank pref	-1	189.00	1.286

(64.1683 rubles – U.S. $1)

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