Russian stocks grow slightly on rising oil price, foreign markets

MOSCOW, Sep 25 (PRIME) -- The Russian stock market increased slightly on Tuesday on the back of growing oil prices and foreign markets but the rise was limited by an anxiety ahead of a meeting of the U.S. Federal Reserve System (Fed), analysts said.

The MOEX Russia Index grew 0.58% to 2,444.22 and the RTS Index increased 0.52% to 1,169.04.

“Patterns of a downward correction have emerged on the Russian market, partially due to investors’ preparation for a meeting of the U.S. Fed which will finish tomorrow in the evening. The mood in risky assets will depend on the tone of the accompanying statement by the authority until the end of the week,” Igor Kovalyov, an analyst at InstaForex group of companies, said.

According to Kovalyov, the tensions between the U.S. and China continue to pressurize the Russian market as well.

Vasily Oleinik, an expert at investment company Finam, said that the Brent oil soared to a level close to the four-year high of U.S. $81, and the ruble strengthened against the U.S. dollar. These factors supported the Russian market.

Veles Capital analyst Alexander Sidorov said that a growth of foreign markets contributed to a positive dynamics in Russia.

Kovalyov said that the oil and gas sector was hitting new maximums as oil price increased.

Metals companies either decreased, or were almost neutral, according to the analyst.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-1.61	195.55	17.816
Gazprom	+1.16	160.84	3.498
Lukoil	+2.51	4900	3.495
Norilsk Nickel	+0.34	11957	1.983
Rosneft	+2.9	460	1.829

(66.1594 rubles – U.S. $1)

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