Russian stocks rise on growing oil prices, correcting ruble

MOSCOW, Dec 22 (PRIME) -- The Russian stock market increased on Thursday on the back of increasing oil prices and a starting upward correction of the ruble, analysts said.

The MOEX Russia Index grew by 0.32% to 2,122.91, and the RTS index increased by 3.16% to 969.70.

"Optimism on the foreign floors fizzled out on Thursday in expectations of new macroeconomic signals. At the same time, the oil prices have finally exceeded short-term resistance levels and accelerated the increase," Veles Capital analyst Yelena Kozhukhova said.

"The Russian stock market was trying to keep the gains at the end of the key session on Thursday, receiving support mainly from corporate news and a U-turn of the ruble," the analyst said.

According to Finam analyst Anna Builakova, the U.S. and European markets rose in the first half of the Russian trading after the U.S. said that consumer confidence recovery in December was stronger than expected. However, by the middle of the Moscow session, the Euro Stoxx 50 lost 0.2% and the S&P 500 futures shed 0.2%.

The nearest Brent and WTI futures rose by 1.5% to break through the resistance levels of U.S. $83 and $77.50 respectively and headed towards the December peaks of $89.33 and $83.32, Kozhukhova said.

The shares of Russia's VTB 3.11% grew on the news that the bank would buy Otkritie Financial Corporation (FC) Bank from the central bank for 340 billion rubles in 2022, she said.

The Moscow Exchange corrected downwards 1.99% after Wednesday's rise, while Qiwi grew after a Cyprus' authority allowed it to convert the American depositary receipts (ADRs) bought on the Moscow Exchange before June 3 into shares, Kozhukhova said.

According to Builakova, Tatneft continued rising (0.20% common shares, 0.35% preferred shares) on expectations of a January–September dividend decision by the shareholders.

Natalya Milchakova from Freedom Finance Global said that United Wagon Company (UWC) was among the daily leaders on rumors that a large investor might buy a stake.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.08	137.86	3.827
UWC	+28.18	111	2.123
Polyus	-1.08	7768	1.816
Lukoil	-0.14	4035	1.574
Gazprom	+0.24	157.97	1.535

(70.5256 rubles – U.S. $1)

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