Stocks rise backed by higher oil prices, corporate reports

MOSCOW, Aug 23 (PRIME) -- The Russian stock market edged up on Wednesday, supported by rising crude prices and positive corporate reports, analysts said.

The MICEX grew 0.57% to 1,958.52 and the RTS rose 0.53% to 1,044.96.

“The market looked slightly higher in thin trading. Investors were mostly focused on corporate reports… the market keeps consolidating at the same levels as when uncertainty ahead of the U.S. elections reigned on the market,” Otkritie Broker analyst Andrei Kochetkov said.

Forex Club analyst Irina Rogova said that the Russian benchmarks were pressured by a negative external background with U.S. President Donald Trump talking about plans to leave North American Free Trade Area (NAFTA). The only thing to support the local market was crude prices, she said.

The Brent oil futures surged to above $52 per barrel following the release of the U.S. Department of Energy’s oil stocks statistics.

Finam analyst Segrei Drozdov said the country’s top lender Sberbank was among the top gainers, adding 2.51% to 175.3 rubles on IFRS results release marking a 34% rise in net profit. Preferred shares of Tuesday’s leader mining giant Mechel lost 7.12% to 111.5 rubles on investor disappointment with its IFRS net profit falling 40% to 5 billion rubles.

Below are the MICEX’ five most active stocks on Wednesday:

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+2.51%	175.3	9.628
Gazprom	-0.22%	115.75	2.633
Norilsk Nickel	+0.65%	9130	2.275
ALROSA	+1.63%	78	1.751
Magnit	+1.97%	9744	1.281

(59.0396 rubles – U.S. $1)

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