Russian stocks fall on oil prices plunge, discouraging background

MOSCOW, Jul 11 (PRIME) -- The Russian stock market edged down on Wednesday pressured by a negative foreign environment and crude prices losing over 3%, analysts said.

The MOEX Russia Index fell 1.23% to 2,336.15 and the RTS dropped 1.34% to 1,186.36.

“The MOEX Russia Index demonstrated negative dynamics on Wednesday following the global trend… The reason for the negative sentiment was the release of a list of additional Chinese goods on which import duties may be increased by U.S. President Donald Trump’s administration,” Veles Capital analyst Alexei Adonin said.

Freedom Finance analyst Anastasia Sosnova said that a threat of a new round of global trade tensions first of all impacts risky assets and emerging currencies.

Adonin also said that the domestic market was discouraged by sliding crude with the Brent oil futures losing more than 3%.

Veles Broker analyst Yelena Kozhukhova added that the oil market fall resulted from resumption of shipments by Libya’s oil ports and OPEC’s June report marking a growth of crude output by 173,000 barrels per day.

Metals producer Norilsk Nickel and X5 Retail Group were the biggest losers, the stocks slid 3.97% to 11,260 rubles and 3.62% to 1,715.5 rubles, respectively.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-1.19	227.57	13.188
Norilsk Nickel	-3.97	11260	4.045
Gazprom	-1.72	144.77	3.407
Lukoil	-1.72	4280	2.561
ALROSA	-0.47	106	1.661

(62.4442 rubles – U.S. $1)

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