Russian stocks rise on growing oil price, strengthening ruble

MOSCOW, Dec 15 (PRIME) -- The Russian stock market increased on Friday recovering after a key rate rise by the central bank because of growing oil prices and strengthening of the ruble, analysts said.

The MOEX Russia Index grew 0.83% to 3,033.89, and the RTS index 0.49% to 1,060.64.

"The Russian stock market indices recovered from the lows by the middle of the Friday's session and tried to enter the green zone after a morning slide," Veles Capital’s analyst Yelena Kozhukhova said.

"An almost certain increase of the key rate by the central bank on Friday was the main reason for a sale-off on the stock market for the entire week," managing company Pervaya’s portfolio manager Sofiya Kirsanova said.

An expected increase of the bond yield caused a money outflow from the stock market, she said.

Kozhukhova said that the market was trying to regain positions during the week, but the key rate factor was stronger than the positive ones, while no significant drivers were found by investors in the annual presidential press conference.

The Brent oil price increased to U.S. $77 per barrel after the U.S. Federal Reserve System (Fed) revised the inflation estimate, and hopes for the U.S. key rate fall in 2024 appeared. Besides, the U.S. oil and oil product reserves declined, according to the national energy agency, while OPEC issued a statement saying that the global oil demand forecast for 2023 and 2024 was unchanged, and a steady increase was still expected in 2024, Kirsanova said.

According to Kirsanova, the oil and gas sector was the market outsider on the Russian trading week, while the transport one increased.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+4.08	267.1	20.422
Lukoil	-4.52	6550	13.867
Mechel	+3.91	285.9	4.557
Yandex	+2.56	2212.8	4.278
Gazprom	+1.81	163.8	3.467

(89.6741 rubles – U.S. $1)

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