Russian stocks rise on growing oil prices, stronger ruble

MOSCOW, Apr 15 (PRIME) -- Russian stocks rose on Wednesday backed by growing oil prices and strengthening of the ruble, analysts said.

The MICEX rose 1.84% to 1,677.70 and RTS rose 3.63% to 1,052.33.

“Growing oil prices and a strengthening ruble are giving support (to the Russian stock market),” Raiffeisen Capital analyst Sofya Kirsanova said.

The Brent oil price is growing for the second consecutive day supported by several factors, including the U.S. energy ministry’s expectations that shale oil output will decrease by 57,000 barrels in May and the International Energy Agency increasing forecast for oil demand in 2015 to 93.6 million barrels, Kirsanova said.

Brent oil prices have almost reached the level of U.S. $60 per barrel, Alfa-Forex analyst Andrei Dirgin said.

The Russian ruble strengthened to 50.6 rubles against the U.S. dollar, showing growth for the third consecutive day, Kirsanova said.

Debt-ridden metals and mining group Mechel’s common shares rose 2.12% and preferred shares jumped 6.23% after the company proposed conversion of part of its debt to the country’s biggest lender Sberbank into shares and a right to participate in management of the company in exchange for easier debt repayment terms.

Mobile operator MTS grew 3.75% after the company’s board of directors recommended paying a total of 53.2 billion rubles in dividends for 2014, including 12.8 billion rubles that the company already paid in dividends for January–June.

Multi-industry holding AFK Sistema, which holds 51.46% in MTS, closed 4.58% higher.

Below are the MICEX’ five most active stocks on Wednesday:

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+3.30	76.49	11.554
Gazprom	+3.95	150.10	5.714
Norilsk Nickel	+1.18	9632.00	4.857
Lukoil	+1.41	2595.00	2.803
MTS	+3.75	263.00	1.634

(51.9749 rubles – U.S. $1)

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