Russian stocks grow despite strong ruble, weak crude prices

MOSCOW, Oct 24 (PRIME) -- The Russian stock market started the day uncertainly, but turned to growth in the middle of the trading session on Tuesday despite a strengthening ruble and decreasing crude prices, analysts said.

The MOEX Russia Index grew 0.04 % to 3,265.01 and the RTS increased 1.03% to 1,102.37.

“The MOEX Russia Index stayed near its 2023 highest of 3,287.34. The medium-term upward trend is still persistent, but the benchmark’s further growth can be prevented by significant strengthening of the national currency and falling crude prices,” Director of the stock market department at managing company Pervaya Anton Kravchenko said.

The central bank’s board of directors will meet on Friday to discuss the future of the key rate. The rate is expected to be increased by up to 100 basis points to 14%, he added.

Otkritie Research analyst Andrei Kochetkov said that the market started the day uncertainly, but the trend reversed in the middle of the trading session despite any support from the ruble or crude prices.

The consumer sector outperformed the market. Agricultural products maker RusAgro increased considerably without obvious fundamental reasons, and electronic goods retailer M.Video grew following a sound financial report.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.14	270.49	6.569
Surgutneftegas, prefs	+5.76	56.185	5.822
Mechel	+3.67	268.5	5.607
Lukoil	-0.3	7440	5.512
Magnit	+1.57	6067	4.030

(94.7081 rubles – U.S. $1)

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