Russian stocks mixed on oil price volatility, strong ruble

MOSCOW, May 15 (PRIME) -- The Russian stock market closed mixed on Wednesday after a volatile trading session, following the oil market trend, with the RTS index growing and the MOEX Russia Index falling on a strong ruble, analysts said.

The MOEX Russia Index decreased 0.31% to 2,554.49, and the RTS Index rose 0.44% to 1,247.02.

“A persistent rise Gazprom today did not save the MOEX Russia Index from a moderate decline. The absence of a breakthrough in the Russian–U.S. negotiations (albeit few expected that) and a decline of oil quotations on the back of a sudden rise of reserves in the U.S. and publication of data about growth of the Chinese industry in April, which was worse than expectations, took their toll,” BCS senior analyst Sergei Suverov said.

He said that a bill on new sanctions against the Nord Stream-2 gas pipeline was also bad news for Russia.

According to Suverov, oil companies’ securities decreased most during the day.

But in the evening, oil prices started to grow with the Brent rising by 0.46% to U.S. $71.57 as of 5:54 p.m., Moscow time, and the trend on the Russian market changed, analysts said.

Otkritie Broker analyst Andrei Kochetkov said that the ruble strengthened due to high demand for state OFZ bonds.

Kochetkov said that investors understand that the continuing U.S.–China trade war can yield benefits for their trade partners, and this factor keeps Russia from a deep downward correction.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	+3.13	195.61	26.517
Sberbank	+0.36	228.69	13.903
Lukoil	-3.63	5000	8.832
Norilsk Nickel	-1.1	13800	1.868
Rosneft	-1.72	413.7	1.590

(65.3001 rubles – U.S. $1)

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