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Russian stocks grow on corporate stories, ignore external signals

MOSCOW, Feb 21 (PRIME) -- The Russian stock market increased on Wednesday on the back of corporate news, and investors paid no attention to external stimuli which were negative, analysts said.

The MOEX Russia Index rose 2.21% to 2,320.32 and the RTS index grew 2.10% to 1,291.19.

УNo reasons for decrease have emerged on the Russian market so far. Several companies can approve buyback programs or at least specify their position on the issue. Furthermore, a struggle for control in Norilsk Nickel can cause a significant growth in the price of shares,Ф Otkritie Broker analyst Andrei Kochetkov said.

Vitaly Manzhos, senior risk manager at investment company Nord Capital, said that the Russian market ignored a negative external background.

Kochetkov said that the banking sector was one of the drivers of the Russian market rise and Sberbank set a new record high price.

Norilsk Nickel continued the increase on the back of a continuing struggle for Roman AbramovichТs interest. A mechanism stipulating that large stakeholders, Interros and RUSAL buy each otherТs stakes at a price calculated as the average six-monthsТ one with a 20% premium can be considered, Kochetkov said. The other possible options would also raise the asset price, he said.

Yandex rose 2.51% after launching a car sharing service, he said.

Magnit continued to grow after the announcement of a new strategy and a possible U.S. $200 million buyback program, the analyst said.

Gazprom will consider a buyback on March 5, which was seen as good news, Kochetkov said.

Below are the MOEX Russia IndexТs five most active stocks on Wednesday:

Company Change, % Last price, rbl Trading volume, bln rbl
Sberbank +4.48 279.2 19.223
Magnit +4.47 4793 6.545
Norilsk Nickel +2.17 11300 5.804
Gazprom +1.90 144 3.546
Lukoil +1.72 3808.5 2.211

(56.5201 rubles Ц U.S. $1)

End

21.02.2018 19:23
 
 
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