Russian stocks increase in line with stronger oil, global floors

MOSCOW, Jul 21 (PRIME) -- The Russian stock market continued growing on Wednesday after several sessions of losses earlier in July thanks to an improving foreign background, analysts said.

The MOEX Russia Index grew 0.50% to 3,722.96 and the RTS increased 1.20% to 1,586.12.

“The MOEX Russia and the RTS indices accelerated growth at the end of the trading session, and managed to consolidate above the resistance lines of 3,715 and 1,580, which can suggest (a further advance)… The medium-term upward trend is still persistent,” Veles Broker analyst Yelena Kozhukhova said.

Global stock exchanges demonstrated confident growth, which hints at a better short-term outlook for risky assets and good chances for a medium-term increase, she also said, adding that the recent sales point to volatility of the market and a risk of unexpected moves.

Otkritie Broker analyst Andrei Kochetkov said that the Brent oil price returned to above U.S. $70 per barrel, and European benchmarks edged up.

Kozhukhova said that gold producers were pressured by a decrease in gold prices to $1,800 per ounce. Polyus lost 0.79%, and Polymetal International fell 1.33%.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	+0.58	278.91	8.469
Lukoil	+1.36	6393.5	5.508
Sberbank	-0.41	294.9	4.852
Norilsk Nickel	-0.39	25040	2.747
MMK	+1.09	63.705	2.441

(74.4910 rubles – U.S. $1)

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