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Russian stocks increase as EU postpones new sanctions

September 09, 2014, 20:04 UTC+3
The ceasefire between separatists and Kiev, which was announced earlier, was largely maintained on Tuesday, Russian Foreign Minister Sergei Lavrov says
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© ITAR-TASS

MOSCOW, September 09. /ITAR-TASS/. The Russian stock market restarted growth on Tuesday because the EU postponed slapping new sanctions on Moscow, analysts said.

The MICEX went up 0.23% to 1,468.17, and the RTS increased 0.09% to 1,246.64.

“Investors were on the watch for something to happen. EU leaders made clear that no further sanctions will be introduced if militants in Ukraine manage to keep the ceasefire but there are still fears that the ceasefire will be temporary,” Veles Capital senior analyst Airat Khalikov said.

The EU approved a new set of sanctions concerning Russia’s biggest oil and oil pipeline industry representatives Rosneft, Gazprom Neft and Transneft, but it postponed the introduction of new penalties until a possible escalation of the armed conflict in Ukraine.

The ceasefire between separatists and Kiev, which was announced earlier, was largely maintained on Tuesday, Russian Foreign Minister Sergei Lavrov said.

The Netherlands published a preliminary report on the reasons of a Malaysian plane crash in Ukraine earlier this year, and the document contained no accusations against Russia, supporting Russian bulls, Nord-Capital senior analyst Roman Tkachuk said.

Mechel was gaining momentum on the news that Russian Railways is discussing ways to finance an acquisition of its railroad to the Elga coal deposit in Siberia. The negotiations are on a very advanced stage which gives confidence to investors, Khalikov said. After the deal is signed, Mechel will receive 70 billion rubles. Mechel advanced 2.01% by the end of the trading session.

Magnit outperformed the market, rising 1.80%, after posting good financial results for August with revenue growing 34.1% to 65.6 billion rubles, Tkachuk said.

Bashneft’s shares rose 2.40% as the central bank announced a decision late Monday to allow the company to make a secondary public offering abroad, Tkachuk said.

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