Russian stocks grow on strong oil despite mixed global background

MOSCOW, Dec 2 (PRIME) -- The Russian stock market managed to rise on Wednesday despite a controversial foreign background thanks to further recovery of oil prices, analysts said.

The MOEX Russia Index grew 1.33% to 3,189.61 and the RTS increased 1.86% to 1,335.44.

“The Russian stock market continued its upward dynamics amid a controversial external environment. On the one hand, purchases of local stocks were supported by the recovering energy market with the nearest Brent oil futures adding 0.5% to U.S. $47.6 per barrel. On the other hand, the market was pressured by the dynamics of Western bourses,” senior analyst at Promsvyazbank Bogdan Zvarich said.

Most European stock exchanges lost up to 0.6% by the end of the trading session, and the core U.S. benchmarks Dow Jones and S&P500 fell 0.3% and 0.2%, respectively, he added.

Zvarich also said that the MOEX Russia Index hit another local highs and made a significant step toward the 3,200 resistance line.

Veles Broker analyst Yelena Kozhukhova said that metals giant Norilsk Nickel was among the growth leaders adding 4.77% on the back of the recently held investors’ day.

She added that children goods retailer Detsky Mir was among the worst performers sliding 3.40% to correct down from a previous hike that followed the news that Altus Capital had planned to acquire 29.9% in the company with a buyout offer of 160 rubles per share.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+1.6	264.99	22.924
Norilsk Nickel	+4.77	22952	12.096
Lukoil	+2.26	5173	6.941
Gazprom	+0.88	186.97	6.587
Polyus	-1.75	14599	3.969

(76.3203 rubles – U.S. $1)

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