Russian stocks rise backed by corporate stories, strong oil prices

MOSCOW, Aug 9 (PRIME) -- The Russian stock market closed higher on Tuesday thanks to local corporate news and strong crude, analysts said.

The MOEX Russia Index grew 2.32% to 2,136.80 and the RTS increased 3.02% to 1,116.28.

“The Russian stock indices – the MOEX Russian Index and the RTS – accelerated growth from the local lowest and broke through the resistance lines of 2,115 and 1,110 thanks to corporate stories,” Veles Broker analyst Yelena Kozhukhova said.

“The Russian stock market finished the day higher on the back of the advance of some local issuers despite a worsened foreign background.”

Sales prevailed on foreign bourses ahead of the publication of China’s, Germany’s and the U.S.’s inflation data for July, Kozhukhova said. Global inflation remains high, but investors hope for a gradual fall. Otherwise, risky assets can face another cycle of downward movement.

Senior portfolio manager of managing company Pervaya Anton Kravchenko said that the commercial services, transportation and retail sectors were among the day’s leaders.

He also said that the Brent oil price has added 1.4% in light of new risks around the resumption of the nuclear deal between the U.S. and Iran.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+2.09	126.4	4.715
Gazprom	+1.79	181.04	4.336
Lukoil	+4.7	3895	1.736
Magnit	+3.12	5032.5	1.470
Polyus	-1.39	7100	1.440

(60.3164 rubles – U.S. $1)

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