Russian stocks grow on oil price increase to $58 per barrel

MOSCOW, Sep 25 (PRIME) -- The Russian stock market increased on Monday on the back of an oil price growth to U.S. $58 per barrel but the rise was moderate as investors were expecting speeches by executives of the U.S. Federal Reserve System (Fed) later this week, analysts said.

The MICEX grew 0.85% to 2,069.11 and the RTS rose 0.65% to 1,130.54.

“The Russian stock market, supported by oil quotations, feels a bit better than the rest,” Anastasia Sosnova, senior analyst at Bank Rossiysky Capital, said, adding that European markets saw neutral dynamics and emerging markets fell.

Otkritie Broker analyst Andrei Kochetkov said that statements from a meeting between participants of the oil output reduction agreement of OPEC and non-OPEC countries on September 22 were seen by market players as signs that the agreement could be prolonged and the output reduction could even grow.

The oil price growth contributed to a surge of Russian oil sector shares and the ruble which pressurized the price of shares of other exporters, Kochetkov said.

InstaForex analyst Igor Kovalyov said that the market dynamics were weak as Russian investors were waiting for the Fed to present a tax reform plan and executives of the Fed to give speeches later this week.

Acron and Severstal were market outsiders on Monday, falling 5.66% and 0.73%, respectively, on the back of a dividend gap, Kovalyov said.

Below are the MICEX’ five most active stocks on Monday:

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+1.95	191.2	12.166
Gazprom	+0.89	123.03	3.468
Lukoil	+2.34	3039.5	2.462
ALROSA	+1.61	82.2	1.879
Norilsk Nickel	+0.59	9650	1.805

(57.6527 rubles – U.S. $1)

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