Russian stocks start upward correction on absence of new sanctions

MOSCOW, Oct 3 (PRIME) -- The Russian stocks grew as no new sanctions were announced and investors’ fears eased, as well as the foreign background improved, analysts said.

The MOEX Russia Index rose by 4.32% to 2,041.96, and the RTS Index increased by 3.42% to 1,091.87.

“The MOEX Russia Index started October with strong growth … as sanctions-related fears eased and the external background considerably improved, with a rise in oil and a rebound of the U.S. stock indices at the start of trading in the U.S.,” Yevgeny Loktyukhov, head of Promsvyazbank’s research department, said.

Veles Capital analyst Yelena Kozhukhova said that the Russian market “hurried to start an upward correction on the back of no announcement of new sanctions.”

Polymetal was the growth leader with a 14.39% increase thanks to higher prices for gold and silver, reduction of its debt in July–September, and the announcement of plans to maintain its listing of the Moscow Exchange, Kozhukhova said.

Gazprom decreased because the future of the Nord Stream gas pipeline system is still unclear, Kozhukhova said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	-1.04	215.44	10.090
Sberbank	+3.20	113.74	7.662
Polyus	+9.27	5483	2.887
Rosneft	+6.49	281.20	2.066
Lukoil	+1.94	4042	1.961

(55.2987 rubles – U.S. $1)

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