Russian stocks rise backed by stronger oil, global stocks

MOSCOW, Oct 7 (PRIME) – The Russian stock market was propped up by higher oil prices and positive dynamics of global trading floors, while the increase of the RTS index was sped up by the ruble strengthening against the U.S. dollar, analysts said on Wednesday.

The MICEX rose 0.53% to 1,679.49 and the RTS increased 2.11% to 844.12.

“External conditions for the Russian market were quite positive today. The upward correction of global stock exchanges continues, the rise of the E.U. indices was not hurt even by quite negative industrial production statistics from Germany, which fell 1.2% in August compared to an expected growth of 0.2%,” Vasily Tanurkov, deputy head of the Veles Capital’s department for stock market research, said.

The dollar-denominated RTS was technically supported by the ruble strengthening, Bogdan Zvarich, an analyst at Finam, said.

Metals maker Norilsk Nickel fell 1.46% to 9,210 rubles on market expectations that the government will increase the mineral extraction tax (MET) for the company, Zvarich said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+3.03	79.65	14.189
Gazprom	+1.54	140.00	5.929
Norilsk Nickel	-1.46	9210.00	5.048
Lukoil	+1.83	2279.00	4.408
VTB	+3.00	0.0714	2.448

(65.0962 rubles – U.S. $1)

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