Russian stocks increase as oil prices remain high

MOSCOW, Nov 8 (PRIME) -- The Russian stock market rose on Wednesday as investors focused on oil prices that remained high despite a downward correction, rather than on negative dynamics demonstrated by foreign markets, analysts said.

The MICEX grew 0.35% to 2,163.01 and the RTS increased 0.29% to 1,150.36.

“After yesterday’s rally, the leading Russian stock market indices are developing an upward impulse although the advance is more moderate than yesterday,” InstaForex analyst Igor Kovalyov said.

Andrei Dirgin, head of Alfa-Forex analysis department, said that foreign markets are falling on U.S. President Donald Trump’s unfavorable comments about North Korea, which undermined investor risk appetite.

He said that the Russian market continued growth on the back of high oil prices. Brent started falling but met bids at $63.30.

Kovalyov said that Sberbank remained in high demand after publishing robust January–October financials under Russian Accounting Standards (RAS).

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+1.52	209.09	18.463
Gazprom	+0.02	132.30	5.240
Norilsk Nickel	-1.34	11455.00	2.536
Rosneft	+0.94	333.05	2.334
Magnit	+0.24	7398.00	2.127

(58.4557 rubles – U.S. $1)

End