Russian stocks mixed amid lack of strong global drivers

MOSCOW, Sep 3 (PRIME) -- The Russian stock market consolidated during the day and closed mixed on Monday due to a lack of strong drivers globally, analysts said.

The MOEX Russia Index grew 0.01% to 2,346.08 and the RTS fell 0.65% to 1,085.19.

“Russian stock indexes and the ruble started the week mixed. Investors have taken a wait-and-see position due to (the Labor Day) celebration in the U.S. and a lack of strong growth drivers. If there is no news about sanctions in the next few days and trade disputes between the U.S. and other states do not result in a new shock wave, market participants may open new long positions,” Veles Broker analyst Yelena Kozhukhova said.

Veles Capital said that the domestic benchmarks were supported by crude rising to over U.S. $78 per barrel, but were constrained by uncertain dynamics of Western floors amid a day-off in the U.S.

Otkritie Broker analyst Andrei Kochetkov said that gas producer Novatek continued a downward correction falling 0.28% to 1,080 rubles as the stock is highly overheated.

He added that state gas giant Gazprom lost 0.81% to 148.73 rubles as investors are waiting for its adjusted investment program on Wednesday.

Kuzbass Fuel Company surged 4.06% to 205 rubles thanks to an International Financial Reporting Standards (IFRS) financial report for January–June demonstrating a multiple growth of the net profit.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.43	181.21	5.674
Gazprom	-0.81	148.73	2.245
Lukoil	+0.59	4728	1.358
Novatek	-0.28	1080	0.896
Norilsk Nickel	+0.6	11287	0.713

(68.0447 rubles – U.S. $1)

End