Russian stocks rise on strong oil, positive corporate news

MOSCOW, Sep 20 (PRIME) -- The Russian stock market grew on Wednesday supported by high oil prices, analysts said.

The MICEX grew 0.42% to 2,057.53 and the RTS rose 1.24% to 1,122.43.

“The Russian benchmarks have reversed to growth. However, the MICEX has failed to hit recent highs again. The dynamics are modest ahead of the U.S. Federal Reserve’s (key rate) decision announcement,” Forex Club analyst Irina Rogova said.

The U.S. economy is not strong enough now and has been undermined by a sequence of hurricanes. The Fed is unlikely to demonstrate a hawkish attitude, which may support risky assets, she also said

The expert said that the MICEX was backed by oil priced. Brent oil futures reached a U.S. $56.32 per barrel mark, a five-month high, amid statements that an oil output reduction agreement of OPEC and non-OPEC countries may be prolonged.

Veles Capital said in a research note that investors were focused on one of the day’s top performers, aluminum giant UC RUSAL. The stock jumped 6.38% to 45 rubles on the news that China’s CEFC may acquire a 5% stake in En+, a RUSAL shareholder.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.88%	186.47	9.221
Aeroflot	-1.05%	188	5.275
Gazprom	+0.41%	122.25	3.179
Lukoil	-1.32%	2985	2.645
Norilsk Nickel	+0.62%	9673	1.913

(58.0993 rubles – U.S. $1)

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