Russian stocks rise on corporate news, growing oil prices

MOSCOW, Apr 12 (PRIME) -- The Russian stock market increased on Wednesday over corporate news and positive dynamics of oil prices, analysts said.

The MOEX Russia Index rose 0.19% to 2,538.47 and the RTS increased 0.21% to 975.46.

“This dynamics is mainly explained by a number of positive corporate news related primarily to the recommendation of dividend payments and strong financial results for 2022, as well as operating results for the first quarter of 2023,” Freedom Finance Global’s Senior Analyst Natalya Milchakova said.

The growth of Russian shares was also supported by the renewed positive trend in oil prices, the analyst added. Constraining factors are International Monetary Fund’s forecasts about possibility of recession in some European countries already this year, she also said.

According to Veles Broker analyst Yelena Kozhukhova, the Russian stock market on Wednesday remained in moderate plus due to purchases in certain issuers after declining early in the day.

VSMPO-Avisma shares grew 36.69% as Russian President Vladimir Putin announced that this year the government will allocate 251 billion rubles for the development of the Russian space industry, and the corporation is a major supplier of raw materials for the industry.

Sovcomflot lost 4.91% over correction after recent significant growth on the dividend news.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.05	218.7	9.191
Gazprom	+0.44	177.96	6.222
Lukoil	+0.65	4650	4.002
Sovcomflot	-4.91	61.64	3.773
VSMPO-Avisma	+36.69	64000	3.68

(82.1799 rubles – U.S. $1)

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