Russian stocks mixed on worsening background, local positivity

MOSCOW, Nov 8 (PRIME) -- The Russian stock market opened lower, reversed upwards in the middle of the day, but closed mixed on Wednesday amid a worsening external background, but positive local corporate news, analysts said.

The MOEX Russia Index eased 0.03% to 3,245.43 and the RTS increased 0.53% to 1,113.03.

“The Russian stock market strengthened on Wednesday… The market managed to resist worsening of the external background,” management company Alfa-Capital’s senior trader Vladislav Silayev said.

Shares of the financial, transport and construction sectors looked stable, he also said.

Freedom Finance Global’s Senior Analyst Natalya Milchakova said that the Russian market opened negatively, but reversed in the middle of the day.

She attributed the market’s growth to positive corporate reports, expectations of the blue chips’ profits and future dividends for both January–September and the entire 2023.

Metals and mining group Mechel’s preferred shares were among the best performers rising by 2.61% on expectation of sound financial results for January–September, Milchakova said. Depositary receipts of agricultural producer Rusagro underperformed in correction after a steep previous rise.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+1.5	277.4	14.388
Mechel	+2.61	300.64	10.456
Lukoil	-0.32	7310	3.247
Magnit	+0.62	6082	3.147
Norilsk Nickel	-0.94	17524	2.535

(92.4151 rubles – U.S. $1)

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