Russian stocks rise on favorable corporate news, oil price growth

MOSCOW, Aug 17 (PRIME) -- The Russian stock market finished the day in the positive territory on Thursday thanks to encouraging news from local companies and further recovery of oil prices, analysts said.

The MOEX Russia Index grew 0.31% to 3,059.02 and the RTS increased 1.41% to 1,028.93.

“The MOEX Russia Index and the RTS demonstrated similar dynamics and managed to stay in the positive territory by the end of the day. The MOEX Russia Index tried to consolidate above the support line of 3,060, which can mean the end of a short-term downward correction,” Veles Broker analyst Yelena Kozhukhova said.

The ruble is strong this week, but is still unconfident near important technical levels, she added.

Kozhukhova also said that foreign stock exchanges tried to avoid risks, and the upward trend on both the U.S. and European markets is threatened. One of the most important reasons for the sales is a mounting possibility of another key rate hike this year by the U.S. Federal Reserve.

Yevgeny Linchik, head managing company Pervaya’s department of alternative investment said that the Russian market’s growth was linked to active recovery of oil prices as well as sound corporate reports and positive dividend decisions of some local companies.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.49	257.28	7.971
Lukoil	+0.3	6113	4.905
Gazprom	-0.22	173.75	4.031
Surgutneftegas, prefs	+0.93	48.345	3.178
Bank St. Petersburg	-0.66	294	2.885

(96.7045 rubles – U.S. $1)

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