Russian Stock Market Reaches New Record High Amid Strong Oil Sector

The Russian stock market reached a new record high on Monday, driven by the growth of blue chip stocks, particularly in the oil sector. The RTS index climbed 2.52% to 946.33, while the MICEX stock index rose 2.81% to 834.06. Oil stocks, led by Lukoil, Surgutneftegas, and Tatneft, led the rally, with some stocks gaining as much as 5.9%.

Key Takeaways:

• The Russian stock market reached a new record high on Monday, driven by the growth of blue chip stocks, particularly in the oil sector.
• Oil stocks led the rally, with Lukoil gaining 4.4% to $54.45 a share, Surgutneftegas jumping 5.9% to $1.04, and Tatneft gaining 5.4%.
• The RTS index climbed 2.52% to 946.33, while the MICEX stock index rose 2.81% to 834.06.
• Gazprom added 2.8% to trade at 126.21 rubles a share on the St. Petersburg Stock Exchange, with 39.815 million shares changing hands.
• Dealers attributed the market's bullish sentiment to positive trends on international stock markets and high oil prices.
• Investors are anticipating healthy second-quarter US GAAP results from Lukoil and positive vibes from the Russian Economic Development and Trade Ministry about changing taxation in the oil sector.
• Analysts warn that the market may experience a correction, citing the lack of foundation for the current growth and the overestimation of the market's potential.

Statistics:

• RTS index: 946.33 (up 2.52%)
• MICEX stock index: 834.06 (up 2.81%)
• Lukoil increase: 4.4% to $54.45 a share
• Surgutneftegas increase: 5.9% to $1.04
• Tatneft increase: 5.4%
• Gazprom increase: 2.8% to 126.21 rubles a share

Sources:

• Interfax (Sept 19)
• MDM Bank
• Antata Capital
• Megatrustoil
• Bank of Moscow