Russian stocks increase slightly on high oil prices

MOSCOW, Mar 19 (PRIME) – The Russian stocks firmed on Tuesday on the back of high oil prices, but beginning downward correction and the remaining risk of anti-Russian sanctions capped the rise, analysts said.

The MOEX Russia Index grew 0.39% to 2,493.28, and the RTS Index increased 0.53% to 1,219.78.

“The Russian stock market was moving towards growth for the third trading session in a row to set a new historical high. The global oil market supports Russia,” Gaidar Gasanov, expert at consulting firm International Financial Center, said.

Portfolio manager at Raiffeisen Capital Anton Kravchenko said that Brent grew by almost 2% to U.S. $67.16 per barrel from March 10 till March 17 and has increased further to $68 this week as Saudi Arabia promised to reduce oil exports, and Baker Hughes reported a decline in the number of drilling rigs.

On Tuesday in the evening, a downward correction started with Brent futures falling 0.15% to $67.44 as of 6:03 p.m., Moscow time.

Kravchenko said, “The main reason for weakness of the Russian stock market is flight of foreign capital from the Russian assets due to the high risk of new sanctions and a relatively strong exchange rate of the national currency.”

Vasily Oleinik, expert at investment company Finam, said that several Russian exporters traded below the market because of the strengthening ruble.

Andrei Kochetkov, Otkritie Broker’s analyst, said that Enel Russia grew 1.18% as the expected dividend yield exceeded 13%. LSR Group increased 0.72% after a solid financial report for 2018.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.87	207.7	9.904
Norilsk Nickel	+0.46	14350	3.346
Lukoil	+1.29	5682.5	3.116
Gazprom	-0.22	155.5	2.726
Severstal	-1.39	1019.8	1.039

(64.6694 rubles – U.S. $1)

End