Russian stocks rise supported by corporate news, weak US data

MOSCOW, Oct 15 (PRIME) -- Russian stocks increased on Thursday following a rise of global trading floors triggered by weak U.S. statistics, which served as a signal that the country will postpone a key rate increase, and were also supported by corporate statistics of metals companies and retailers, analysts said.

The MICEX rose 0.52% to 1,731.91 and the RTS increased 1.50% to 876.23.

“Today the Russian stock market followed rising global trading floors. The optimism was caused by another signal that the U.S. will postpone a start of (a key rate) tightening cycle due to weak statistics,” Igor Kovalyov, an analyst at InstaForex, said.

“Amid quite low volumes of trading during the last few days (most investors are at the Russia Calling! annual forum), dynamics of Russian shares’ quotations were shaped by corporate news, in particular operating data of metals companies and retailers for the third quarter,” Sofya Kirsanova, an analyst at Raiffeisen Capital, said.

Metals companies, backed by corporate data, included steel maker Severstal rising 5.84%, oil and gas pipe maker TMK, increasing d 2.14%, and Magnitogorsk Iron and Steel Works (MMK), gaining 1.19%, Kirsanova said.

Agricultural company Razgulay rose 3.75% after Vnesheconombank (VEB) announced its plans to sell Razgulay’s debts and a 20% stake in the company to agricultural holding Rusagro, Kovalyov said.

Retailer Dixy, whose revenue increased 17% on the year in September, rose 2.51%, Bogdan Zvarich, an analyst at Finam, said.

Diamond mining giant ALROSA fell 1.76% on market rumors that it may buy gold producer Polyus Gold, Zvarich said.

On Friday, the Russian stock market may fall at the opening, depressed by statistics on increased U.S. oil reserves, which triggered the oil price weakening, Alexander Kostyukov, an analyst at Veles Capital, said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+1.03	87.70	12.294
Gazprom	+0.42	142.61	3.265
Norilsk Nickel	+0.86	9783.00	2.444
Lukoil	-0.89	2320.00	2.424
Magnit	+2.11	12059.00	1.966

(63.1248 rubles – U.S. $1)

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