Russian stocks rise as Saudi Arabia causes oil market surge

MOSCOW, Nov 23 (PRIME) --Russian stocks increased on Monday on the back of the oil price rise secured by statements made by Saudi Arabia, but the growth of the RTS was limited by a weak ruble, analysts said.

The MICEX rose 2.26% to 1,868.07 and the RTS increased 1.04% to 897.56.

“The Russian stock market continued growth on Monday contrary to expectations. An attempt of bears to reverse the trend before the afternoon failed. A statement of the Saudi Arabia’s government that it is ready to cooperate with OPEC and other countries on the oil market caused a surge in oil prices to U.S. $45.7 (per barrel) that was a new short-term impulse for the Russian stock market,” Alexander Kostyukov, an analyst at Veles Capital, said.

The ruble-denominated MICEX rose to a new record high since 2008, while growth of the dollar-denominated RTS was limited by a weak ruble, Vasily Oleinik, an analyst at investment company ITinvest, said

Lukoil rose 4.44% to 2,652.8 due to the oil price strengthening, Kostyukov said.

Below are the MICEX’ five most active stocks on Monday:

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+2.50	109.98	18.772
Gazprom	+2.67	152.00	6.393
Lukoil	+4.44	2652.80	4.623
Magnit	+3.64	12250.00	3.315
Norilsk Nickel	-1.64	9492.00	2.383

(64.8673 rubles – U.S. $1)

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