Russian stocks increase backed by oil price growth

MOSCOW, Nov 1 (PRIME) -- Russian stocks increased on Tuesday supported by growth of oil prices and ignoring moderately negative foreign background, analysts said.

The MICEX grew 0.36% to 1,996.87 and the RTS increased 0.80% to 996.63.

“The dollar-denominated RTS index demonstrated outrunning growth under the influence of the ruble’s correctional strengthening against the U.S. dollar,” Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said.

InstaForex analyst Igor Kovalyov said that “moderate purchases (on the market) were encouraged by oil quotations’ attempts to restore and strong data on business activity in China.”

Power utility Russian Grids was among growth leaders, increasing 4.3% on recently reported strong financial performance and on reports that it may cut interest in a number of interregional distribution grid companies (IDGCs) to blocking stakes, which would bring the holding an additional income and allow it to raise dividends on its shares, Manzhos said.

The company recently said its net profit jumped to 185.7 billion rubles in January–September from about 3.6 billion rubles in the same period of 2015, as calculated under Russian Accounting Standards (RAS) due to revaluation of shares of affiliates in January–March.

Coal producer Raspadskaya jumped 5.71% supported by growing coal prices, Manzhos said.

Power producer Enel Russia fell 0.45% despite reporting a net profit of 2.052 billion rubles in January–September against a net loss of 49.66 billion rubles in the same period of 2015, as calculated under International Financial Reporting Standards (IFRS).

Power producer Quadra gained 1.93% after posting a RAS net profit of 18.6 million rubles in January–September against a net loss of 311 million rubles in the same period of 2015.

Fertilizer company PhosAgro lost 1.99% despite reporting that its fertilizer output rose 8% on the year to 5.437 million tonnes in January–September.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	+2.26	141.98	6.944
Sberbank	-1.05	145.85	6.501
Lukoil	+0.19	3106.00	1.921
Bashneft	-0.50	3303.50	1.483
Magnit	-0.94	10530.00	1.372

(63.2174 rubles – U.S. $1)

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