MOSCOW, Dec 23 (PRIME) – The Russian stocks grew on Monday supported by a positive mood on the Western bourses, while pressure that the news flow exerted on gas giant Gazprom did not provide enough downward momentum, analysts said.
The MOEX Russia Index rose 0.59% to 3,033.81 and the RTS increased 0.74% to 1,535.00.
Yelena Kozhukhova, analyst at Veles Capital, said that the background for the Russian market was positive thanks to a rise in the U.S., where the stock indices grew by 0.1–0.3% by the closure of the Russian market and set new record highs.
“The mood at the international stock indices were moderately positive prior to the Christmas holidays, which provided some growth momentum to the Russian bourses as well…The major Russian indices still look confident in spite of a lack of a strong momentum for growth and of the fact that they are overbought,” Kozhukhova said.
“Market activity shrank, which is not surprising in the week of the Catholic Christmas. The major news flow covered Gazprom. Russia and Ukraine managed to agree on the transit contract, even though its conditions are not the best,” Andrei Kochetkov, senior analyst at Otkritie Broker, said.
Under the deal, Gazprom would pay Ukrainian energy holding Naftogaz Ukrainy U.S. $2.9 billion under Stockholm arbitration rulings, but the two companies will settle other mutual claims and recall all arbitrational and legal claims. The companies will sign a five-year transit contract, and discuss direct supplies of gas to Ukraine after the New Year.
“The (Russian) corporation had to make this step in order to improve the will of Europeans to protect Nord Stream-2, against which the U.S. imposed new restrictions. Germany…allowed the company to continue pipeline’s construction in the winter, while the Association of European Businesses made a tough statement against interference of the U.S. in the European energy policy,” Kochetkov said.
Nevertheless, the company fell 0.20% to 255 rubles.
Oleg Bogdanov, senior analyst at investment company QBF, said that the ordinary shares of oil company Surgutneftegas jumped unexpectedly by 7.36% to 51.655 rubles, setting a new historic high of 50.8 rubles during the day.
“Regardless of who is buying the shares – the company’s unit Rion or an unknown foreign investor – Surgutneftegas is a very cheap company from the fundamental point of view. The well-known fact is that its capitalization is 1.8 trillion rubles, while its cash reserves are 3.2 trillion rubles. It is logical for the company’s management to invest free money in the market, but it should buy its own cheap shares first,” Bogdanov said.
Below are the MOEX Russia Index’ five most active stocks on Monday:
| Company | Change, % | Last price, rbl | Trading volume, bln rbl |
|---|---|---|---|
| Gazprom | -0.20 | 255.00 | 9.714 |
| Surgutneftegas | +7.36 | 51.655 | 6.952 |
| Sberbank | +1.67 | 248.80 | 5.922 |
| Lukoil | +0.04 | 6082.00 | 4.663 |
| Norilsk Nickel | -0.51 | 19676.00 | 3.671 |
(62.4071 rubles – U.S. $1)
End
|
|
