Russian stocks regain positions thanks to oil, Gazprom growth

MOSCOW, Dec 7 (PRIME) -- The Russian stock market recovered from morning losses and closed with small changes supported by a rise in Gazprom’s stocks and a local increase in oil, analysts said.

The MOEX Russia Index fell 0.19% to 3,073.63 and the RTS increased 0.57% to 1,051.21.

“The Russian markets restored (after a morning fall) thanks to a local growth in oil and  improved sentiment in the global markets. But overall the stock markets may still be under pressure,” Andrei Alekseyev, portfolio manager at managing company Pervaya, said.

Veles Capital analyst Yelena Kozhukhova said that the market was also supported by a rise in Gazprom’s stocks on the back of a decision of the board of directors to consider the 2024 budget at a meeting on December 19.

Despite the local increase oil continues to trade in a mid-term downward trend on the absence of global factors of support, Alekseyev said, adding that investors worry that the OPEC+ members will fail to fulfill their recent agreements on oil output reduction on the back of a weakening demand.

Otkritie Research leading analyst for global research Andrei Kochetkov said that the stocks of oil companies continued to pare losses from a fall in oil quotations the day before and a drop in imports by China.

ALROSA grew despite the news that the G7 states will impose restrictions on imports of non-industrial diamonds mined, processed or produced in Russia from January 1, 2024.

Sberbank’s stocks fell amid “uncertainty with the dividend base that makes investors be in doubt,” Kochetkov said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.78	265.50	16.111
Mechel	+2.40	275.52	7.806
Gazprom	+2.26	162.33	7.022
Lukoil	-0.74	7085	3.111
VTB	+2.22	0.02256	3.014

(92.7826 rubles – U.S. $1)

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