Russian stocks grow on high oil prices, positive background

MOSCOW, May 11 (PRIME) -- The Russian stock market increased on Friday supported by high oil prices, a seeming improvement of relations with Europe and a positive external background, analysts said.

The MOEX Russia Index grew 1.40% to 2,345.26 and the RTS Index increased 1.22% to 1,193.98.

“The Russian market is growing using a positive external background as well as more active Russian contacts with Western partners,” Otkritie Broker analyst Andrei Kochetkov said.

“Europe is obviously irritated by the U.S. unilateral initiatives on Iran and Russia. This is why there is hope that there will be no worsening of relations with Europe at least. And of course, oil stays above $77, which ensures high demand for the energy sector.”

Igor Kovalyov, analyst at InstaForex, said that Russia’s leading stock market indices continued to increase though slower than on Thursday.

According to Kochetkov, the oil sector led the market with Gazprom Neft increasing most of all companies, by 5.99%.

Kochetkov said that Sberbank rose after a strong report, while RUSAL declined 1.17% as market participants expect the U.S. restrictions to take their toll on the results in April–June.

Raspadskaya outperformed the market, growing 3.34% on the news that Thursday’s fire on the mine was put out, Kovalyov said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.86	235.72	13.007
Gazprom	+2.95	150.7	6.674
Lukoil	+3.49	4383	4.105
Rosneft	+1.45	401.45	2.418
Sberbank pref	+1.59	202.1	1.307

(62.5229 rubles – U.S. $1)

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