Russian stocks rise as oil freeze meeting scheduled at last

MOSCOW, Mar 16 (PRIME) -- Russian stocks increased on Wednesday, because oil prices rose on the back of news that OPEC and non-OPEC countries will meet soon to discuss output freeze, analysts said.

The MICEX rose 0.87% to 1,871.20 and the RTS increased 1.74% to 835.97.

“Today Brent oil was supported by the news that oil producing countries will meet on April 17 in Qatar. The meeting may be held even without participation of Iran. Such news demonstrates exporters’ concerns over the current situation on the oil market and their readiness to make compromises,” Irina Rogova, an analyst at Forex Club, said.

The rise of the dollar-denominated RTS was technically sped up by the ruble strengthening.

Andrei Kochetkov, an analyst at Otkritie Brocker, said that market participants were reluctant to trade aggressively in anticipation of a decision of the U.S. Federal Reserve System (Fed) concerning the key rate.

Gazprom, which increased gas exports to non-CIS countries by 33.5% from January 1 through Tuesday, grew 1.55% to 144.75 rubles.

Metals companies were under pressure because investors expect that the ruble will strengthen further, Kochetkov said.

Nickel producer and exporter Norilsk Nickel fell 0.9% to 9,119 rubles, Magnitogorsk Iron and Steel Works (MMK) went down 0.48% to 20.88 rubles, and aluminum producer RUSAL fell 2.7% to 249 rubles per Russian depositary receipt.

Meat producer Cherkizovo, the net profit of which shrank 64% on the year to 6.02 billion rubles in 2015, as calculated under International Financial Reporting Standards (IFRS), fell 0.62% to 955 rubles.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.51	107.00	8.097
Gazprom	+1.55	144.75	3.445
Norilsk Nickel	-0.90	9119.00	2.271
Lukoil	+2.10	2703.00	2.254
Moscow Exchange	+1.93	105.70	1.565

(70.5408 rubles – U.S. $1)

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