Russian stocks increase backed by oil price growth

MOSCOW, Jan 11 (PRIME) -- Russian stocks closed higher on Thursday continuing to receive support from growing oil prices, analysts said.

The MOEX Russia Index rose 0.64% to 2,246.45 and the RTS increased 1.14% to 1,248.75.

“After a morning weakening of around 0.5%, Russian stock indices are again making attempts to settle in the positive territory with an eye to resumed oil rally,” InstaForex analyst Igor Kovalyov said.

Otkritie Broker analyst Andrei Kochetkov said “the Russian market traded in plus with support of growing oil prices and corporate news. Oil has approached the notch of U.S. $69.5 per barrel and is not yet demonstrating attempts to go into deep correction.”

Oil company Tatneft’s preferred shares grew 2.54% after the company reported it increased oil production 0.9% to 28.586 million tonnes in 2017.

Uncut diamond giant ALROSA added 0.2% after saying it sold $4.267 billion worth of raw and cut diamonds in 2017.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.52	239.00	10.275
Gazprom	+0.8	144.58	5.553
Norilsk Nickel	+0.06	11662.00	2.632
Lukoil	+1.28	3687.50	2.438
Moscow Exchange	+1.68	115.30	1.702

(56.8734 rubles – U.S. $1)

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