Russian stocks fall following oil price contraction

MOSCOW, Nov 15 (PRIME) -- The Russian stock market declined on Wednesday following a new slide in oil prices, analysts said.

The MICEX lost 1.62% to 2,131.75 and the RTS fell 1.79% to 1,116.53.

“We can see an expected technical correction of the MICEX and the RTS indices from the recently achieved 9-month record highs. Local market participants are unable to disregard an evident disappointment on the crude market,” investment company Nord Capital said.

B&N Bank analyst Anton Pokatovich said that the Brent oil price fell to around $61 on investor concern about Energy Minister Alexander Novak’s statement that Russian oil producers have not reached a consolidated decision on OPEC+ deal prolongation.

One of Russia’s biggest retailers, Magnit, was the day’s biggest loser on the news that its major shareholder, has sold a 7.5% stake in the grocery chain at an 11% discount to the price of Tuesday’s closing. It slid by significant 11.21% to 6,170 rubles.

The country’s biggest lender Sberbank outperformed the market again due to strong financial results it released earlier this week. The stock added 2.06% to 225.95 rubles.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+2.06%	225.95	16.229
Magnit	-11.21%	6170	10.686
Gazprom	-1.29%	131.21	3.079
Norilsk Nickel	-3.12%	10803	2.370
MMK	-3.84%	44.62	2.030

(59.6207 rubles – U.S. $1)

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