Russian stocks rise on corporate news, positive background

MOSCOW, May 10 (PRIME) -- The Russian stock market increased on Wednesday thanks to some corporate stories and supportive global environment, analysts said.

The MOEX Russia Index rose 0.83% to 2,548.63 and the RTS increased 3.25% to 1,052.44.

“Russian markets today were wagering on higher oil prices and were also supported by a positive external backdrop. This included a further decline in U.S. inflation,” Director of the stock market department at managing company Pervaya Anton Kravchenko said.

The uncertainty with the 11th sanctions package is gone, as the E.U. disclosed its contents, the analyst added.

According to Natalya Milchakova, senior analyst at Freedom Finance Global, Russian shares rose in price mainly on corporate news and expectations of dividends.

The world's reserve currencies collapsed against the ruble primarily due to increased risks of investing in the dollar amid persistent talks about the threat of default on the U.S. government debt, Milchakova added.

Polymetal was the growth leader primarily because the company announced the upcoming re-domiciliation in Kazakhstan in the next two months and did not rule out the possibility of dividend payments.

Sberbank common shares showed the biggest fall as May 8 was the dividend record date.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-6.53	222.7	28.877
Gazprom	+2.63	175.34	8.071
VTB Bank	+4.83	0.02169	4.714
Lukoil	+2.36	4672	4.041
Polymetal	+7.24	681.1	2.999

(76.8207 rubles – U.S. $1)

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