Russian stocks grow as oil output quota, price boost oil cos’ stocks

MOSCOW, Jul 31 (PRIME) -- The Russian stock market increased on Tuesday driven by oil companies, which rose following an output rise permit and a stable price, analysts said.

The MOEX Russia Index rose 1.11% to 2,321.11 and the RTS increased 0.92% to 1,173.06.

“The Russian stock market indices have managed a small gain after a weak opening,” Vasily Oleinik, an expert at investment company Finam, said.

Andrei Kochetkov, an analyst at Otkritie Broker, said that Russian oil and gas producers benefited from oil price stabilization at about U.S. $74–75 per barrel of Brent, while the companies were allowed to raise the production by 260,000 barrels per day under a new quota in the OPEC plus nonmember output restriction agreement.

Sberbank increased as cash flow of the oil and gas sector has risen, Kochetkov said.

Yandex partially recovered, rising 0.33%, following foreign IT companies which were under pressure for several sessions but started growing on Tuesday.

Oleinik said that Sistema corrected downwards, falling 2.32% after a Monday’s surge caused by a repayment of a loan to the Russian Direct Investment Fund (RDIF).

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+1.67	214.86	9.646
Gazprom	+3.52	143.79	4.452
Lukoil	+0.94	4451.5	3.575
Rosneft	+3.09	419	1.866
Magnit	-2.04	4128	1.725

(62.7805 rubles – U.S. $1)

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