Russian stocks grow on rising oil prices, foreign markets

MOSCOW, May 7 (PRIME) -- The Russian stock market grew on Monday on the back of a rise of oil prices and foreign indices, analysts said.

The MOEX Russia Index rose 0.33% to 2,297.12 and the RTS index increased 0.63% to 1,153.85.

“Russian stock market indices started the new trading week in major on the back of support from the oil market. The increase is 1% on average, with RTS rising in spite of a moderate weakening of the ruble. A favorable in general external background with investors still hoping for continuation of a constructive trade dialogue between the U.S. and China also supports the domestic indices,” Igor Kovalyov, analyst at InstaForex, said.

The Brent oil traded at U.S. $76.01 as of 5:59 p.m., Moscow time.

The Russian market reacted neutrally to nomination of Dmitry Medvedev for the post of prime minister by President Vladimir Putin, analysts said.

Veles Broker analyst Yelena Kozhukhova said that a positive dynamics of Asian and European indices, and a 0.3% rise of the U.S. S&P futures also supported Russian stocks.

Kovalyov said that RUSAL decreased on the news that the aluminum exports of the company declined 70% on the month and 68% on the year in April.

Novolipetsk Steel (NLMK) increased after announcement of a decision to cease its business operations in the U.S. if its products are not excluded from the import duties list.

Andrei Kochetkov, an analyst at Otkritie Broker, said that the metals sector led the market on the back of a pressure on the ruble.

The oil and gas sector also increased, he said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.57	229.86	8.596
Rosneft	+0.39	388.25	2.236
Gazprom	+0.22	144.05	1.360
Lukoil	+0.32	4121	1.237
Norilsk Nickel	+1.4	11150	1.110

(63.2012 rubles – U.S. $1)

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