Russian stocks rise backed by oil price growth, global floors

MOSCOW, Mar 28 (PRIME) -- Russian stocks moderately increased on Tuesday supported by oil prices growing on hopes that an oil production cut deal will be extended, as well as amid rising global floors, analysts said.

The MICEX rose 0.96% to 2,032.54 and the RTS increased 0.98% to 1,125.58.

The Brent oil price reached U.S. $51.8 per barrel after Iranian Oil Minister Bijan Zanganeh said that an oil production cut agreement will likely be extended until the end of the year, Forex Club analyst Irina Rogova said.

“European indices are growing. The U.S. stock index futures are also trying to rebound from recent local lows. Moreover, the central bank’s decision to cut the key rate and quite mild statements are bringing positive moods,” she said.   

Shares of national top lender Sberbank, which agreed to sell its Ukrainian unit, closed 0.6% higher, InstaForex analyst Igor Kovalyov said.

Oil major Rosneft rose 1.55% despite reports that the E.U. Court of Justice found the E.U. sanctions imposed on the company justified, Kovalyov said.

Oil company Lukoil gained 1.73% after announcing plans to sell almost 30% of its fuel filling stations in central Russia due to their low profitability, the analyst said. 

Russia’s second biggest lender VTB Bank rose 0.03% on reports that its net profit soared to 20.4 billion rubles in January–February, as calculated under International Financial Reporting Standards.

Growth of raw contracts and some weakening of the ruble had an impact on shares of metals and mining companies, Otkritie Broker analyst Andrei Kochetkov said. Magnitogorsk Iron and Steel Works (MMK) rose 1.61%, oil and gas pipe producer TMK grew 3.31%, and metals and mining giant Mechel jumped 5.81%.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.60	163.66	4.972
Gazprom	+0.31	129.20	3.050
FGC UES	-3.63	0.1725	2.124
Lukoil	+1.73	3055.00	1.569
Rosneft	+1.55	314.60	1.280

(57.0233 rubles – U.S. $1)

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