Russian stocks rise as market still prices in OPEC+ output cut

MOSCOW, Dec 9 (PRIME) – The Russian stocks grew on Monday as the market still priced in the positive impact of an unexpected and further reduction of oil output by OPEC and non-OPEC states made on local oil companies, analysts said

The MOEX Russia Index rose 0.56% to 2,945.03 and the RTS increased 0.58% to 1,456.79.

“The Russian stock market kept its positive mood and tried to continue the upward movement that started in the second half of the previous trading session this morning,” Dmitry Babin, stock market expert at BCS Broker, said.

“Major contribution to the upward dynamics of the Russian market was made by the key representatives of the oil sector, which may undergo a significant fundamental revaluation due to improvements in the prospects of the oil market.”

Andrei Kochetkov, senior analyst at Otkritie Broker, said that beginning of the new week was calm, though the previous five days were a stress for both sellers and buyers. The U.S. and China made no new statements regarding their negotiations, so the situation is balanced. The Brent price is trying to hold around U.S. $64 (per barrel) after the OPEC+ states agreed to expand reduction of output to 1.7 million barrels a day in the first quarter.

“The Russian stocks remained in the green zone today receiving support from the optimistic mood that foreign bourses experienced on Friday,” Yelena Kozhukhova, analyst at Veles Capital, said.

Dmitry Bedenkov, head of the research department at investment company Russ-Invest, said that dividends may become factors of support for the Russian market closer to the end of the year.

Monday was the last day for shares of fertilizer producer Acron to trade with dividends. The dividend yield on them may amount to 2%, and the shares rose XX% to XX rubles. Wednesday will be the last day for power producer Unipro with dividends, and its share rose XX% to XX rubles. The dividend yield on them may exceed 4%, Bedenkov said.

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

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Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	+0.35	248.70	8.055
Sberbank	+0.81	237.04	7.503
Lukoil	-0.61	6182.00	4.806
Norilsk Nickel	+2.06	18420.00	3.675
Surgutneftegas	+1.35	43.93	2.142

(63.7185 rubles – U.S. $1)

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