Sberbank, favorable environment drive Russian stocks higher

MOSCOW, Jan 11 (PRIME) -- The Russian stock market grew on Wednesday propelled by the financial shares, including Sberbank, while the favorable external background added support to the local bourse, analysts said.

The MOEX Russia Index rose by 1.27% to 2,186.98 and the RTS increased by 2.88% to 1,002.62.

“The Russian stock market grew today driven by the financial sector,” Promsvyazbank senior analyst Vladimir Lyashchuk said.

Dmitry Postolenko, head of managing company Pervaya’s department for fixed income securities management, said that top bank Sberbank, which gained 4.1% to 148.66 rubles, was the market driver as demand grew on expectations that the bank would publish a good report. Otkritie Research’s leading analyst Andrei Kochetkov said that Sberbank’s record lending in December 2022 bode for recovery of profit and promised high dividends.

Yelena Kozhukhova from Veles Capital said that improvement of the external background was provided additional support to the Russian market.

“The foreign stock floors demonstrated good investor mood backed by hopes for stabilization of the global economy in spite of the warnings about emerging risks that came from the largest international financial institutions and regulators,” Kozhukhova said, adding that the European bourses, the U.S. stock indices, and the Brent oil price advanced.

She also said that oil major Rosneft lost 5.41% to 346.90 rubles because of a dividend cut-off.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+4.10	148.66	16.386
Gazprom	+2.17	165.61	3.747
Rosneft	-5.41	346.90	2.686
Pharmsynthez	-16.11	6.30	1.754
Rosseti Lenenergo	+39.88	12.03	1.644

(69.6094 rubles – U.S. $1)

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