Russian stocks rise on high oil, better backdrop, no gas cap unity

MOSCOW, Sep 9 (PRIME) -- The Russian stocks increased on Friday having received a boost from higher oil and the lack of a unified position in the E.U. on the Russian gas price cap issue, and thanks to improvement on the foreign trading floors, analysts said.

The MOEX Russia Index increased by 1.50% to 2,426.06, and the RTS index grew by 2.02% to 1,262.72.

“The Russian stock market reacted positively to rising oil and hopes for possible stimuli in China,” Otkritie Research’s leading analyst Andrei Kochetkov said.

“Oil rose amid the U.S. dollar weakening and concerns that attempts to limit prices for Russian supplies may cause their cutoff for the countries that support such a policy. Consequently, a regional deficit may emerge that will lead to a sharp increase in prices,” Kochetkov said.

Low-than-expected inflation released in China opens opportunities for monetary stimuli, he also said, adding that in addition to that, the Chinese authorities announced the preparation of a plan of broad economic measures.

Igor Dodonov, analyst at investment company Finam, also said that overall improvement of the moods on the foreign stock floors and rising prices for oil and industrial metals provided support for the Russian market.

The fact that the E.U. energy ministers at their extraordinary meeting were split over a decision to cap prices on Russian gas was a positive factor for the Russian stocks as well, Dodonov said.

According to Veles Capital analyst Yelena Kozhukhova, the Russian stock market finished the day with an increase thanks to “more confident dynamics of certain issuers.”

ALROSA grew on its recent announcement of plans to open investments in diamonds, Kochetkov said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+2.71	138.15	6.697
Gazprom	+0.57	245.34	6.673
Lukoil	+1.36	4470	2.302
Rosneft	+0.96	378	1.444
ALROSA	+5.15	75.19	1.187

(60.8010 rubles – U.S. $1)

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