Russian stocks jump backed by oil prices, foreign background

MOSCOW, Sep 18 (PRIME) -- Russian stocks significantly grew on Tuesday, with the MOEX Russia Index renewing a record high, backed by a sharp rise in oil prices and a positive foreign background, analysts said.  

The MOEX Russia Index grew 1.21% to 2,402.58, and the RTS increased 2.14% to 1,123.03.

“The Russian stock indices continued growth on Tuesday being charged with the optimism of foreign floors and forgetting the sanctions issue for some time,” Veles Broker analyst Yelena Kozhukhova said.

“The MOEX Russia Index entered the overbought zone – investors will be ready to take profit at the first negative factor. However, at the moment, players are not frightened even by trade confrontations,” she said.

The ruble continued growth against the dollar and euro. Trading in the U.S. started with growth of main indices, while moods on European floors were moderately optimistic.

Oil quotations were adding around 1.5% on reports that Saudi Arabia is comfortable with Brent oil price of U.S. $80 per barrel, Kozhukhova said.

Independent gas producer Novatek jumped 6.12% after seven days of a downward correction on reports that the company plans to cooperate with China’s CNPC with an aim to raise liquefied natural gas (LNG) supplies to China and other countries of Asia-Pacific, Vitaly Manzhos, senior risk manager at investment company Algo Capital, said.

Fertilizer maker Uralkali continued growth adding 3.1% after the company offered India to zero import duties on mineral fertilizers, Manzhos said. Moreover, reports about competing Belarusian Potash Company signing a new 1-year contract on supplies to China at a significantly higher price were positive news.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+1.88	191.65	15.936
Gazprom	+1.04	157.08	4.254
Lukoil	+1.17	4685.00	3.241
Novatek	+6.12	1139.80	2.238
Magnit	+0.26	4196.00	1.543

(68.1958 rubles – U.S. $1)

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