Russian stocks rise on positive dynamics on foreign floors

MOSCOW, Oct 31 (PRIME) -- Russian stocks increased on Wednesday backed by positive dynamics on Western floors and oil prices trying to rebound, analysts said.

The MOEX Russia Index rose 2.29% to 2,352.71 and the RTS increased 1.89% to 1,126.21.

“A positive foreign background and oil’s attempts to return to growth are again supporting the domestic market,” Otkritie Broker analyst Andrei Kochetkov said.

Veles Capital analysts said “most exporters traded in a noticeable plus, especially the oil and gas sector. There is currently an active discussion of control of domestic fuel prices, and investors expect a compromise in this issue between oil companies and the government.”

Internet company Yandex was again among growth leaders, adding 3.99% on reports that the company could hand over 60% of voting rights to a fund that will be controlled by the company’s founder Arkady Volozh and 10–12 top managers with Russian citizenship.  

Fertilizer producer PhosAgro added 3.35% after reporting that it raised production of fertilizers and phosphates by 9.8% on the year to 6.681 million tonnes in January–September.

Metals giant Norilsk Nickel closed 2.78% higher as the company’s nickel output rose 9% on the quarter to 53,739 tonnes in July–September.

Magnitogorsk Iron and Steel Works (MMK) increased 1.83% on reports that its net profit rose 40% on the year to 68.687 billion rubles in January–September, as calculated under Russian Accounting Standards (RAS).

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+2.72	189.80	12.502
Lukoil	+3.48	4945.00	3.918
Gazprom	+2.76	155.47	3.757
Yandex	+3.99	1916.50	2.473
Rosneft	+1.49	460.45	2.011

(65.7742 rubles – U.S. $1)

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