Russian stocks grow as ruble strengthens, oil prices rise

MOSCOW, Dec 28 (PRIME) -- The Russian stock market increased on Thursday, as the MOEX Russia Index edged up supported by an oil price rise, while the RTS index grew in line with the oil market, analysts said.

The MOEX Russia index grew 0.15% to 3,101.99, and the RTS index rose 2.08% to 1,090.93.

"The external background may be qualified as mixed. In spite of a steady growth of the global indicators and a rally ahead of the New Year holidays, Russian investors take profits," Polina Shchukina, analyst at investment company Finam, said.

The oil prices have stabilized and started to grow weakly, while strengthening of the ruble depress the Russian shares to some extent, Shchukina said. In the evening, the Brent oil price reversed the trend falling by 0.55% to U.S. $79.12. The discount of the Urals blend to the benchmark expanded to 15.47%.

According to Shchukina, Yandex continued to rise, albeit at a slower rate than on Wednesday, after Netherlands-based Yandex N.V. became the sole founder after the new legal entity of Yandex was put on the register of residents of a special administrative zone in the Kaliningrad Region.

First Economic Development Minister Ilya Torosov said that Yandex decided to incorporate a new firm rather than redomiciliate the old, the analyst said.

Developers sank on the news that the central bank would raise the risk factor allowances on mortgages from March 1, Shchukin said.

Rosneft fell 0.1% after approving a 30.77 rubles per share interim dividend with a record date on January 11.

VK grew 1.52% after the antitrust allowed it to buy a former Russian asset of English First, she said.

Freedom Finance Global analyst Vladimir Chernov said that Rusagro declined 1.16% after a fall in the grain export quota for 2024 to 24 million tonnes from 25.5 million tonnes which will cut the foreign currency revenue of the company.

Purchases in the shares of United Aircraft Corporation (UAC) increased 0.88% after a statement that the Federal Air Transport Agency allowed to carry up to 210 passengers on MC 21-300/310 jets.

UAC will also start to produce military drones and make up to 18 military transport planes per year. The state order of fighter aircraft for 2024 will increase as well, which is why Chernov assumed that long-term and institutional investors were eager to buy the shares.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.34	272	7.243
Yandex	-0.12	2547	4.863
Globaltruck Management	-1.39	603.5	4.586
Surgutneftegas pref	-0.3	55.99	3.448
Gazprom	+0.3	160.34	3.225

(91.7051 rubles – U.S. $1)

End