Russian stocks grow as US markets open in green zone

MOSCOW, Jan 24 (PRIME) -- The Russian stock market grew on Wednesday, reviving after a downward trend started on Tuesday as U.S. stock market indices opened with upward gaps, analysts said.

The MOEX Russia Index rose 0.35% to 2,306.99 and the RTS grew 0.67% to 1,292.32.

“Optimism reemerged at the end of the trading session on Wednesday, prompted by a positive opening of U.S. stock exchanges,” Veles Capital analyst Yelena Kozhukhova said.

The Russian indices were falling for most of the day. According to Otkritie Broker analyst Andrei Kochetkov, the trend was due to a strong ruble and increased expectations of oil correction. Some sectors turned out to be overheated over the last months, he said.

InstaForex analyst Igor Kovalyov said that foreign investors were uninterested in risky assets ahead of a meeting of the European Central Bank as its head Mario Draghi is expected to make more aggressive comments.

Kovalyov said that the downward correction of Russian stocks eased on Wednesday as compared with the Tuesday afternoon.

Kochetkov said that ALROSA dove on the back of a statement by Deputy Finance Minister Alexei Moiseyev that the company will not pay special dividends after selling its gas assets.

Vozrozhdenie Bank’s common shares jumped 7.21% after CEO of VTB Andrei Kostin expressed interest in a possible purchase of Vozrozhdenie Bank, the analyst said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+1.28	247.53	7.648
Gazprom	+0.60	149.7	3.685
Rosneft	+2.84	344.5	3.274
Norilsk Nickel	+1.13	11325	2.765
ALROSA	-2.26	82.1	2.330

(56.4115 rubles – U.S. $1)

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