MOSCOW, Sep 6 (PRIME) -- Russian stocks increased on Tuesday ignoring falling oil prices and supported by growth on European floors and a stronger ruble, analysts said.
The MICEX edged up 1.10% to 2,039.53 and the RTS gained 1.83% to 995.35.
“The MICEX index is growing despite an absence of a trend in oil prices. The volatility of oil quotations has decreased recently as compared with the situation a year ago, so both the ruble and shares are not reacting that sharply to the smallest movement of prices,” Mikhail Kuzin, a portfolio manager at Raiffeisen Capital, said.
“By the second half of trading on Tuesday, the Russian market manages to demonstrate positive dynamics. The purchases are triggered by growth in Europe, with Germany’s DAX and France’s CAC40 adding around 0.4% and 0.2%, correspondingly. Our market players manage to ignore a decline on the commodities market, where the Brent oil price is losing slightly less than 1.5%,” Finam analyst Bogdan Zvarich said.
Gas giant Gazprom and uncut diamond monopoly ALROSA were among growth leaders on Tuesday, jumping by 3.93% and 4.23%, correspondingly, on reports that the government may prolong an order for state companies to pay at least 50% of their net profits in dividends indefinitely, analysts said. Power utility Russian Grids edged up 1.95%.
Gazprom’s shares were also backed by President Vladimir Putin saying that the company is undervalued, Vitaly Manzhos, a senior analyst at Bank Obrazovanie, said.
The banking sector also demonstrated growth on Tuesday on the back of a strengthened ruble, which ignored the fall in oil prices, Otkritie Broker analyst Andrei Kochetkov said. National top lender Sberbank grew 0.76% and the second biggest lender VTB added 0.47%.
Metals and mining group Mechel soared 4.07% after Industry and Trade Minister Denis Manturov has recently said the company has a right to receive state support in various forms and is preparing a correspondent petition.
Power producer T Plus, which saw searches on Monday, rose 2.24%, winning back the morning decline, on reports that First Deputy CEO Andrei Vagner was appointed as acting CEO after current CEO Boris Vainzikher was detained on Monday over a corruption case.
Below are the MICEX’ five most active stocks on Tuesday:
| Company | Change, % | Last price, rbl | Trading volume, bln rbl |
|---|---|---|---|
| Sberbank | +0.76 | 150.64 | 9.040 |
| Gazprom | +3.93 | 141.40 | 8.416 |
| Lukoil | +1.05 | 3085.00 | 1.861 |
| ALROSA | +4.23 | 81.25 | 1.454 |
| VTB | +0.47 | 0.07425 | 1.369 |
(64.7644 rubles – U.S. $1)
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