Stocks rise on foreign optimism, RUSAL suit against Potanin

MOSCOW, Oct 24 (PRIME) -- The Russian stock market grew on Monday on support from the optimistic mood on foreign bourses and the news that aluminum giant UC RUSAL sued metal giant Norilsk Nickel’s core shareholder Vladimir Potanin, analysts said.

The MOEX Russia Index rose 0.99% to 2,063.95 and the RTS increased 1.15% to 1,062.66.

“The Russian stock market grew on Monday continuing the previous week’s trend … The favorable situation on the foreign stock floors, expectations of a money inflow to the market after payments of high dividends by Russia’s leading blue chips at the end of October and at the beginning of November, and a lack of further worsening of the geopolitical background are still the positive factors,” Finam analyst Igor Dodonov said.

At the same time, the oil prices act as a restricting factor, Dodonov said.

“The Russian stock market stayed in the green zone on support from corporate stories and the optimistic mood of the external markets,” Veles Capital analyst Yelena Kozhukhova said.

Purchases prevailed on the foreign stock exchanges on hopes for softening of policies by the central banks until the end of 2022, Kozhukhova said.

UC RUSAL gained 5.26% to 34.44 rubles after it filed a suit against Potanin as it believes that he lost several business assets that played a key role in the group’s activity. The corporate conflict may lead to signing of a new shareholder agreement between RUSAL and Potanin’s Interros in 2023, she said.

Dodonov also said that SPB Exchange grew by 2.83% to 119.90 rubles on the news that its clients will be able to work with some foreign securities that were blocked previously.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-0.46	118.90	8.440
Gazprom	-0.65	165.90	4.034
Lukoil	+0.53	4456.50	2.652
Polyus	-0.90	6194.00	2.499
Norilsk Nickel	-0.23	13130.00	1.625

(61.1958 rubles – U.S. $1)

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