Russian stocks mixed on oil price growth, ruble fall

MOSCOW, Nov 10 (PRIME) – The Russian stocks showed mixed dynamics on Tuesday receiving support from higher oil prices, while the falling ruble pushed the dollar-denominated RTS index down, analysts said.

The MOEX Russia Index rose 0.36% to 2,998.61 and the RTS decreased 0.28% to 1,232.87.

“On Tuesday, the Russian indices opened lower due to a moderately negative external background,” Dmitry Babin, stock market expert at BCS World of Investment, said.

“But the oil prices and futures for the S&P 500 index switched into the green zone, and as a result, the Russian stock indicators swiftly returned to growth, with the MOEX Russia Index hitting new two-month highs thanks to the ruble’s weakening.”

The situation on the global markets worsened, but the oil prices returned to their intra-day highs, supporting the Russian stocks at a relatively high level, Babin said.

“The mood on the key markets were mixed today. The U.S. indices started the day without common dynamics, Europe gained 1.5% since statistics for the business climate in Germany was neutral. Asia closed mixed this morning. The MSCI Emerging Markets index went into a 1% downward correction reflecting a fall of demand for risky assets,” Valery Yemelyanov, analyst at Freedom Finance, said.

Yelena Kozhukhova, analyst at Veles Capital, said that oil and gas companies remained the gain leaders -- Rosneft rose by 4.56% to 413.45rubles, while ordinary and preferred shares of oil company Tatneft grew by 4.74% to 502 rubles and by 4.42% to 473 rubles, respectively.

Yemelyanov also said that gold producer Polymetal International shrank by 4.03% to 1,691 rubles as investors priced in a recent contraction of gold prices. The prices have already rebounded, which will push the paper higher in the future.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+4.10	237.40	50.198
Lukoil	+3.34	4914.00	14.745
Gazprom	+1.55	172.76	12.484
Norilsk Nickel	+0.15	20620.00	7.188
Tatneft ords	+4.74	502.00	6.456

(76.9515 rubles – U.S. $1)

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