Russian stocks increase as oil price remains high

MOSCOW, Nov 9 (PRIME) -- Russian stocks increased on Thursday after mixed dynamics during the day amid stable oil prices and a weaker ruble, analysts said.

The MICEX rose 0.95% to 2,183.61 and the RTS increased 0.96% to 1,161.38.

“After two days of impressive growth on the Russian stock market, the bullish momentum is disappearing amid a lack of fresh drivers. No strong signals come from the external background as well, and the Brent oil price remains flat,” InstaForex analyst Igor Kovalyov said.

“Until a new driver appears on the domestic market, the current consolidation will likely continue. Major fluctuations of the oil market or news from the foreign background can shake up investors,” he said.

National top lender Sberbank was among growth leaders with shares jumping 5.24% after Bloomberg reported citing sources that the bank may raise dividend payments for 2017 to 35–40% of net profit calculated under International Financial Reporting Standards (IFRS).

The country’s second biggest bank VTB gained 1.95% after reporting that its IFRS net profit jumped to 75.3 billion rubles in January–September from 34.1 billion rubles in the same period of 2016.

Steel maker Severstal lost 2.96% on reports that its majority shareholder Alexei Mordashov sold 2.1% shares with a discount to the price of yesterday’s close, Kovalyov said.

The shares of Magnitogorsk Iron and Steel Works (MMK) decreased 2.33% after the company said its IFRS net profit fell 9.9% on the year to U.S. $814 million in January–September.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+5.24	220.05	25.131
Gazprom	-0.6	131.50	4.472
Severstal	-2.96	884.50	3.994
Lukoil	+0.96	3368.00	2.916
Rosneft	+1.16	336.90	2.869

(59.2480 rubles – U.S. $1)

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