Russian stocks seen lower pulled by downward oil price correction

MOSCOW, Apr 10 (PRIME) -- The Russian stock market corrected downwards on Friday following oil prices, which had fallen sharply ahead of the local trading session, analysts said.

The MOEX Russia Index fell 0.88% to 2,677.86 and the RTS lost 1.16% to 1,142.07.

“The Russian stock market edged down on a moderately negative external background. The main reason for the sales was the declining energy market with the nearest Brent oil futures falling below U.S. $32 per barrel,” senior analyst at Promsvyazbank Bogdan Zvarich said.

“The local market slid significantly in the first minutes of trading, and then consolidated around the reached level.”

Mixed dynamics of Asian stock exchanges and Good Friday celebration on Western bourses could not support the domestic stocks as well, Zvarich added.

Oil major Rosneft, metals giant Norilsk Nickel and oil company Surgutneftegas were among the market outsiders losing over 2%.

Veles Broker analyst Yelena Kozhukhova added that energy companies were among the biggest losers as they corrected down following a drop in oil prices seen prior to the Russian trading session.  

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.8	201.99	5,800
Rosneft	-2.55	344	4.431
Lukoil	-1.37	5130	3.653
Gazprom	-0.96	192	3.262
Norilsk Nickel	-2.31	20650	2.832

(74.6050 rubles – U.S. $1)

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