Russian stocks rise driven by Gazprom, Yandex shares

MOSCOW, Jul 26 (PRIME) -- The Russian stocks grew on Friday propelled by gas giant Gazprom and internet giant Yandex, analysts said.

The MOEX Russia Index rose 0.54% to 2,715.68 and the RTS increased 0.10% to 1,348.30.

“The MOEX Russia Index and the RTS remained in the green zone late on Friday largerely due to continuing growth in the shares of Gazprom,” Yelena Kozhukhova, analyst at investment company Veles Capital, said.

Two subsidiaries of Gazprom sold 2.93% in the company to a single investor at 200.5 rubles per share. Gazprom’s shares jumped 6.95% to 234.23 rubles on Friday.

The placement at a discount to the market price did not stifle investor optimism as they are more focused on fundamental prospects of the shares and on higher free-float, Kozhukhova said.

“The beginning of the day was sluggish, but then Gazprom made its move…It seems that higher free-float may turn the gas company into a new favorite of speculators and headers,” Andrei Kochetkov, senior analyst at Otkritie Broker, said, adding that Friday was also rich with corporate news.

Shares of steelmaker Novolipetsk Steel (NLMK) lost 1.54% to 151.80 rubles on the news of a 26.6% year-on-year slump of the company’s net profit in January–June, Kochetkov said.

“But the most anticipated event of the day was the report of Yandex. Shares of Russia’s hi-tech leader grew on the report,” as consolidated revenue jumped by 40% in April–June, which is a very significant factor for the sector, Kochetkov said.

Yandex grew 2.37% to 2,520 rubles.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	+6.95	234.23	41.686
Sberbank	-1.01	230.55	6.016
Lukoil	-0.42	5075.00	4.504
Yandex	+2.37	2520.00	4.181
Norilsk Nickel	-1.36	14392.00	2.691

(63.1572 rubles – U.S. $1)

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