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Russian stocks fall in line with oil prices, Magnit slump

MOSCOW, Jan 29 (PRIME) -- Russian stocks contracted on Monday due to a slump of retailer Magnit and a fall of oil prices, while the external background was not favorable for the trade, analysts said.

The MOEX Russia Index fell 0.48% to 2,284.27 and the RTS decreased 0.87% to 1,275.57.

УThe (MOEX Russia) Index had been under the pressure of a continuous sale of Magnit shares, which fell on weak financial results for 2017 for a second trading day in a row. The RTS index has fallen today in line with the ruble rate as the oil price shrank,Ф Yevgeniya Abramovich, head of the currency risks analysis department at Swiss brokerage house Dukascopy Bank SA, said.

Magnit said on January 26 that its net profit fell 34.7% on the year in 2017, as calculated under International Financial Reporting Standards (IFRS), while CFO Khachatur Pombukhchan said that the company plans no dividends for 2018. The company lost 6.93% to 5,155 rubles per share on Monday.

The Russian ruble lost 14.25 kopecks against the U.S. dollar as of 5.55 p.m. Moscow time, according to the Moscow Exchange, while the ICE ExchangeТs data showed that the Brent oil price lost 1.264% to U.S. $69.64 per barrel as of 6.01 p.m. Moscow time.

Yelena Kozhukhova, an analyst at Veles Broker, said that investors were waiting for the news about possible new anti-Russian sanctions of the U.S.

Andrei Kochetkov, an analyst at Otkritie Broker, said that the fall of oil prices and the contraction of the ruble resulted in sales in the Moscow ExchangeТs energy market. Gas giant Gazprom lost 1.66% to 144.75 rubles, oil companies Rosneft and Lukoil fell 1.55% to 346.35 rubles and 1.13% to 3,778 rubles, respectively.

Kochetkov also said that power producer Enel Russia lost 1.59% to 1.545 rubles after it reported a 3% decrease in power output in 2017.

Below are the MOEX Russia IndexТ five most active stocks on Monday:

Company Change, % Last price, rbl Trading volume, bln rbl
Sberbank +1.41 250.48 12.259
Magnit -6.93 5155.00 7.414
Gazprom -1.66 144.75 5.261
Lukoil -1.13 3778.00 2.755
Norilsk Nickel +1.04 11539.00 2.403

(55.8288 rubles Ц U.S. $1)


29.01.2018 19:15
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