Stocks edge up on oil price rise, China’s market incentives

MOSCOW, Jun 11 (PRIME) -- The Russian stock market grew slightly on Tuesday boosted by the growth of oil prices, the shares of Gazprom, and the metal sector after China announced market incentives, analysts said.

The MOEX Russia Index grew 0.33% to 2,751.75 and the RTS Index increased 0.57% to 1,343.33.

“The Russian market dipped at the start of trade due to a dividend gap of Sberbank. But the other blue chips came to the rescue of optimists. Growth resumed in the securities of Gazprom, whose shareholders will yield 16.61 rubles per share in dividends,” Andrei Kochetkov, analyst at Otkritie Broker, said.

Gaidar Gasanov, an expert at consulting company International Financial Center, said that oil prices rose as market participants waited for an upcoming meeting of the OPEC plus nonmember output restriction agreement participants and on the news that U.S. President Donald Trump will not impose import duties on Mexican goods.

According to Kochetkov, the Russian oil and metals sectors rose on the news that China will allow regional administrations to use special bonds to finance projects.

He said that RUSAL rose 5.13% on a statement by Norilsk Nickel, where it is a key shareholder, that its dividend policy will not be revised in the near future because some of the shareholders disagreed with the offered changes.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-5.27	235.89	16.115
Gazprom	+1.19	234.86	10.515
Lukoil	+1.08	5237	5.496
Norilsk Nickel	+3.26	14304	4.630
VTB	+1.39	0.04	3.059

(64.7919 rubles – U.S. $1)

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