Russian stocks mixed on oil prices drop, weak ruble, divs news

MOSCOW, Nov 22 (PRIME) -- The Russian stock market ended the main trading on Wednesday with mixed dynamics on the decrease of oil prices, the correcting ruble and favorable corporate news on dividends, analysts said.

The MOEX Russia Index rose 0.38% to 3,230.65 and the RTS decreased 0.21% to 1,151.94.

“Despite strong financial results for the third quarter and recommendations of the boards of directors of blue chips on dividends, the market was disappointed by the evening with a strong drop in the oil price. A slight downward correction of the ruble put pressure on the RTS currency index,” Natalya Milchakova from Freedom Finance Global said.

The price of Brent crude oil collapsed by 4.8% to U.S. $78.62 per barrel after reports that the OPEC+ meeting, previously scheduled for November 26, was postponed to November 30 without explanation, the analyst said.

According to Otkritie Research expert Andrei Kochetkov, the increase in the MOEX Russia Index was provided by a small correction in the ruble.

The RTS index decreased on the ruble correction after two days of growth, Yakov Yakovlev, senior portfolio manager at managing company Pervaya, said.

The depository receipts of United Medical Group CY were the leaders of growth on the stock market increasing 3.49%, as the company's shareholders approved the redomiciliation from Cyprus to the Kaliningrad Region, Milchakova said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Mechel	-3.47	316.03	16.512
Sberbank	+0.97	285.53	12.499
Lukoil	+1.12	7290	4.325
Mechel prefs	-3.28	357	3.216
UGC	0	0.571	2.837

(87.8701 rubles – U.S. $1)

End