12 Aug 2009 19:33

Rising oil prices, Fed meeting expectations fuel gains on Russian stock market

MOSCOW. Aug 12 (Interfax) - Positive trends on global stock markets, rising oil prices and expectations about news from the U.S. Federal Reserve System enabled the Russian stock market to grow on Wednesday.

The RTS index declined 0.83% to 1025.12 points on Wednesday, rebounding from early losses when it slipped below 1000 points, while the MICEX grew 1.6% to 1086.41 points after dipping down to 1044 points earlier in the day.

RTS futures indicate investors' negative outlook on the market has weakened.

Gazprom shares rose 0.4% on the MICEX, VTB Bank - 1.9%, Lukoil - 0.9%, MMC Norilsk Nickel - 1.8%, Gazprom Neft - 1.8%, Sberbank - 2.4%, Surgutneftegas - 2.9%, Rosneft - 1.4%, Tatneft - 0.6% and Polyus Gold - 3.6%.

Global markets were in negative territory early on Wednesday and the ruble dropped sharply against the Central Bank's dual-currency basket, putting pressure on ruble-denominated shares. The situation on global markets, however, changed later in the day as speculators began closing short positions on both shares and currency.

The U.S. dollar was up 20 kopecks to 32.46 rubles/$1 on the Moscow Interbank Currency Exchange on Wednesday, while the euro rose 41.5 kopecks to 46.41 rubles/EUR1. The dual-currency basket rose to 38.975 rubles before correcting down to 38.53 rubles.

European and U.S. indices were up roughly 1% on Wednesday. Mixed statistics on the UK labor market and euro zone industrial production kept markets from sharp fluctuations in either direction. WTI oil for October rose 1.3% to $72.26 per barrel.

The Russian market will react to statements by U.S. Federal Reserve System Chairman Ben Bernanke tomorrow.

In second-tier trading, Dorogobuzh shares rose 5.4% on the MICEX, TGK-6 - 5%, Magnit - 4.9%, Sibirtelecom - 4.5%, MMK - 4.2% and Mosenergo - 4%.

Avtovaz shares fell 2.3%, Kamaz - 2%, Dalsvyaz - 1.9% and Irkutskenergo - 1.5%.

RTS Classic Market trading volume totaled $6.48 million on Wednesday, RTS Standard turnover was $247.88 million and MICEX volume was 69.7 billion rubles, led by Sberbank with 32.02 billion rubles.