Russian stocks increase on back of oil price recovery

MOSCOW, Nov 15 (PRIME) -- The Russian stock market rose at the beginning of the day and traded mixed later on Thursday as the Brent crude price got stuck at around U.S. $67 per barrel in attempts to recover, analysts said.

The MOEX Russia Index grew 0.12% to 2,381.45 and the RTS rose 1.24% to 1,131.13.

“The Russian stock market edged up at the opening thanks to media reports that the U.S. Congress is unlikely to approve new sanctions against Russia until the end of the year… but it looked mixed later in the day thanks to vain expectations of oil price correction after a previous collapse and additional pressure from foreign stock exchanges seen in the negative territory,” Veles Capital analysts said in a research note.

Senior analyst at Promsvyazbank Bogdan Zvarich said that the market recovered mainly due to the support of crude prices with the Brent oil price returning to around U.S. $67 per barrel.

Forex Club analyst Ivan Marchena said that coal producer Raspadskaya surged 4% to 134.55 rubles on statements of the company’s top management that dividends will be considered soon.

Meat producer Cherkizovo Group soared 5.59% to 1,134 rubles on a sound International Financial Reporting Standards (IFRS) financial report for January–September marking an 83% jump in the net profit.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.48	200.15	12.524
Gazprom	+1.51	154.14	4.527
Lukoil	-0.05	4854	2.768
Rosneft	-0.68	424.25	2.326
Norilsk Nickel	+0.15	11701	1.595

(67.9975 rubles – U.S. $1)

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