Russian stocks rise on corporate news, oil price increase

MOSCOW, Oct 16 (PRIME) -- The Russian stocks grew on Wednesday supported by local corporate news and rising oil prices, analysts said.

The MOEX Russia Index rose 1.07% to 2,744.35 and the RTS increased 1.23% to 1,347.43.

“The external background was neutral in the middle of the day…Trade on the European bourses was neutral as well. The Euro Stoxx 50 remained almost unchanged as of the middle of the trade day in Russia. The U.K. and the E.U. continue active Brexit talks, which are going on in a constructive way despite disagreements, according to some statements,” Yelena Kozhukhova, analyst at Veles Capital, said.

“The mood of the Russian market has been largely defined by separate corporate stories of the past several days.”

Arseny Dadashev, director of the Academy for Management of Finance and Investment, said that the MOEX Russia Index and the RTS Index remained in the green zone partially thanks to the increase of oil prices in the second half of the day.

Dmitry Bedenkov, head of the research department of investment company Russ-Invest, said that oil company Lukoil, which added 1.94% on the news about the company’s dividend policy and directors’ recommendation to raise interim dividends, was one of the gain leaders.

Children goods retailer Detsky Mir gained 3% as the company published a 19.3% increase in revenue in July–September and a 17.3% growth of revenue in January–September, Bedenkov said.

Shares of Russian steelmakers also grew as experts forecast domestic demand for steel to rise in 2019, he added.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Lukoil	+1.94	5710.00	21.804
Sberbank	+0.70	231.00	9.040
Gazprom	+0.75	227.70	4.035
Yandex	-1.48	1957.20	2.159
Transneft prefs	+7.85	164950.00	2.026

(64.2548 rubles – U.S. $1)

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