Higher oil prices fail to lift shares

摘要

The RTS index closed little changed on the week at 1,300 points, a surprisingly poor performance given the rise in oil prices to almost $116/bl — a level last seen at the beginning of February — on negative news from Syria. Bashneft impressed the market this week, posting strong second-quarter financial results, including earnings before interest, taxation, depreciation and amortisation (ebitda) of $718mn, and free cash flow of $359mn. Sberbank Investment Research notes that the firm performed well in terms of cost control.