Russian stocks fall on lack of drivers, decreasing crude prices

MOSCOW, Nov 15 (PRIME) -- The Russian stock market decreased on Tuesday on the back of downward correction of crude prices and the lack of new growth drivers, analysts said.

The MOEX Russia Index fell 0.96% to 2,223.26 and the RTS decreased 0.89% to 1,159.59.

“The bearish sentiment prevailed on the Russian stock market on Tuesday because of weakening crude prices and the lack of new drivers for growth. The shares that had performed better than the market during a few previous sessions were pressured most of all,” PSB Bank senior analyst Yegor Zhilnikov said.

He also said that the metallurgical sector underperformed with non-ferrous metals producers Norilsk Nickel and RUSAL being the main losers. The shares dropped by 2.55% and 1.96%, respectively. Steel makers Novolipetsk Steel (NLMK), Magnitogorsk Iron and Steel Works (MMK) and Severstal were also under strong pressure.

Oil producers Rosneft and Bashneft and the entire energy sector demonstrated negative dynamics due to oil price correction, and the banking sector followed the trend, he added.

Zhilnikov also said that largest children goods retailer Detsky Mir dove by significant 7.05% after announcing a buyout of shares from the owners who disagree with reorganization of the company at 71.5 rubles apiece.

Veles Broker analyst Yelena Kozhukhova said that realty developers PIK Group and Samolet were among the best gainers jumping by 4.9% and 3.17%, respectively, after the publication of good financial data by Samolet.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-1.36	137.9	10.204
Detsky Mir	-7.05	59.82	3.111
Gazprom	-0.21	169.25	2.276
Norilsk Nickel	-2.55	15062	2.230
Lukoil	-0.57	4632	1.740

(60.3982 rubles – U.S. $1)

End