Russian stocks increase backed by corporate news

MOSCOW, Feb 20 (PRIME) -- Russian stocks increased on Tuesday supported by corporate news and ignoring unfavorable foreign conditions and falling oil prices, analysts said.

The MOEX Russia Index rose 0.67% to 2,270.12 and the RTS increased 0.45% to 1,264.68.

“By the middle of the trading day, main Russian stock indices MOEX Russia Index and RTS are demonstrating an uneven increase to the levels of the previous close. We should note that an evidently worsened foreign background would imply a slide of the MOEX Russia Index to the nearest support level of 2,250 points. But this time internal corporate news played against the bears,” Vitaly Manzhos, senior risk manager at investment company Nord Capital, said.

During the first hour of trading, local indices significantly grew in line with shares of gas giant Gazprom, which closed 2.18% higher, after the company announced plans to discuss prospects of a share buyback program.  

Retailer Magnit jumped 7.99% in technical correction after declining at the two previous sessions, Manzhos said. Otkritie Broker analyst Andrei Kochetkov believes the company’s shares grew on statements about a new strategy and a planned share buyback.

Steel producer NLMK grew 0.07% on reports that its net profit rose 55% to U.S. $1.45 billion in 2017, as calculated under International Financial Reporting Standards (IFRS), and tripled to 109.5 billion rubles, as calculated under Russian Accounting Standards (RAS).

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	+2.18	141.32	8.918
Magnit	+7.93	4588.00	7.104
Sberbank	+0.14	267.22	6.595
Norilsk Nickel	-0.99	11060.00	4.026
Lukoil	+0.78	3744.00	1.347

(56.3438 rubles – U.S. $1)

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