Stocks edge up backed by weaker ruble despite geopolitical woes
MOSCOW, Mar 16 (PRIME) -- The Russian stock market traded mixed and closed higher on Friday thanks to a falling ruble, which offset the pressure of geopolitical events, analysts said.
The MOEX Russia Index grew 0.97% to 2,294.6 and the RTS rose 0.56% to 1,254.29.
УThe Russian stock market dynamics improved mainly due to a weakening rubleЕ while the pressure of geopolitical tensions remains. Introduction of new U.S. sanctions against Russia following similar moves of Britain (has hurt) the domestic investment climate. Moreover, the Russian governmentТs retaliatory reaction is still unclear,Ф Raiffeisen Capital analyst Sofya Kirsanova said.
Otkritie Broker analyst Andrei Kochetkov said that the trade volume was high that is usual near important levels and that the bears failed to push the index down to 2,250 despite investor wariness over political instability.
Kochetkov said that power holding Inter RAO was among the top gainers as it added 5.05% to 3.7985 rubles after the board of directors recommended paying 0.13 rubles per share, or 13.612 billion rubles, in dividends for 2017.
The market was also supported by metal and metal product producers. Oil and gas pipe maker TMK jumped 5.07% to 84 rubles after the U.S. Federal Reserve released a better than expected industrial output report for February. Steelmaker Novolipetsk Steel (NLMK) soared 3.19% to 153 rubles and metallurgic giant Severstal grew 1.83% to 907.1 rubles.
Moscow United Electric Grid Company (MOESK), part of energy grid operator Rosseti, lost 0.62% to 0.803 rubles because it released the 2017 IFRS financial report demonstrating a 68% fall in profit.
Below are the MOEX Russia IndexТs five most active stocks on Friday:
|Company||Change, %||Last price, rbl||Trading volume, bln rbl|
(57.0188 rubles Ц U.S. $1)