Russian stocks rise amid ruble increase, oil prices stabilization
MOSCOW, Oct 25 (PRIME) -- The Russian stock market increased on Wednesday as the ruble continued rising and oil prices stabilized, analysts said.
The MOEX Russia Index rose 0.01% to 3,265.28 and the RTS increased 0.11% to 1,103.6.
“The Russian stock market did not show significant changes by the end of the main trades on Wednesday, consolidating near the local maximums,” Veles Capital’s analyst Yelena Kozhukhova said.
Mechel's common shares hit another peak since April 2012, while preferred shares rose to their highest level since February 2022.
The securities continue to be pushed upward by the prospect of easing the debt burden on the company, as well as strong demand for Russian coal in the Asian region, the analyst said.
Russian market ended the trading day neutrally, near the levels of the beginning of the trading day, Sofya Kirsanova, portfolio manager at managing company Pervaya, said.
According to the analyst, a possible rate hike by the central bank negatively affected the market, as it may increase the flow of liquidity into alternative assets that have increased yields, particularly bonds.
Brent oil ended the day near the level of U.S. $87 per barrel, and quotes locally stabilized after a three-day decline, she also said.
The continuing strengthening of the ruble put pressure on the shares of exporters, Otkritie Research analyst Andrei Kochetkov said.
Below are the MOEX Russia Index’ five most active stocks on Wednesday:
Company | Change, % | Last price, rbl | Trading volume, bln rbl |
---|---|---|---|
Sberbank | +0.9 | 273.72 | 9.997 |
Lukoil | -1.01 | 7,369 | 8.178 |
Mechel | +3.02 | 277.85 | 7.386 |
Surgutneftegas | -0.06 | 56.265 | 4.366 |
Gazprom | -0.12 | 169.99 | 2.713 |
(93.5224 rubles – U.S. $1)
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