Russian stocks increase on oil price growth after OPEC deal

MOSCOW, Dec 1 (PRIME) -- Russian stocks increased on Thursday in line with oil price growth, which was propelled by OPEC’s Wednesday decision to reduce oil production, analysts said.

The MICEX rose 0.81% to 2,121.87 and the RTS increased 1.79% to 1,047.43.

“The local market continues winning back positive news about OPEC countries signing a binding agreement to reduce the combined oil production to 32.5 million barrels per day,” Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said.

Forex Club analyst Irina Rogova also said that “positive moods on the oil market caused by OPEC’s yesterday’s decision to limit production act as a key factor to support the Russian index.”

The Brent oil price exceeded U.S. $54 per barrel as the Russian trading closed.

Veles Capital analyst Igor Arnautov said that the Russian president’s address to the parliament, including about possible tax reforms planned for 2017–2018, also supported the market.

Gas giant Gazprom rose 2.69% after reporting that its gas exports to non-CIS countries reached a record of 17.6 billion cubic meters in November and rose 11.8% on the year to 161.6 billion cubic meters in January–November.

Oil pipeline monopoly Transneft was among growth leaders, with its preferred shares soaring 6.16% in anticipation of discussion of its potential tariff growth at the government, Arnautov said.

VTB Bank’s shares fell 1.57% on CEO Andrei Kostin saying that the sale of a state stake to strategic investors is unlikely, InstaForex analyst Igor Kovalyov said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	+2.69	152.81	8.724
Sberbank	0	158.70	7.053
Lukoil	+0.69	3210.00	2.413
Rosneft	-0.5	338.50	2.059
Norilsk Nickel	+2.4	10620.00	1.918

(65.2382 rubles – U.S. $1)

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