Russian shares edge lower, rouble steady

* Russian stocks fall as risk appetite wanes

* Norilsk Nickel underperforms after court ruling

* Rouble gains against dollar, flat against euro

By Maya Dyakina

MOSCOW, Oct 10 (Reuters) - Russian shares fell in early trading on Wednesday, following emerging market peers and bruised by rising risk aversion globally, while the rouble was steady, supported by higher oil prices.

At 0857 GMT the rouble-denominated MICEX index

was down 0.5 percent at 1,465.6 while the dollar-denominated RTS index

was off 0.7 percent at 1,484.3. Emerging market equities were down 0.4 percent as persistent worries about the euro zone debt crisis and about global corporate earnings weighed on risk appetite. Russian assets however were underpinnned by a sharp jump in the oil price on Tuesday.

"There are no reasons for heavy selling and the market will be supported by yesterday's surge in oil prices," wrote Elena Kozhukhova, an analyst at Aton, in a note.

Shares of Norilsk Nickel

, the world's largest nickel and palladium miner, was one of the major fallers, down 1 percent, after Russian aluminium group RUSAL

won a Siberian court ruling against the company.

"It may be perceived that political support for Rusal has strengthened in connection with the appointment of Mathias Warnig as Rusal's chairman," analysts at Alfa-bank wrote in a note, suggesting the news was negative for Norilsk.

Fast-growing Russian retailer Magnit

saw minor gains in its share price, after the company reported a 36 percent rise in September sales.

The rouble was helped by the higher oil price, rising by 0.1 percent to 31.20 against the dollar

, but was flat against the euro and the euro-dollar currency basket .

Oil prices - a key source of revenues for Russia and a major driver of the rouble - dipped slightly on Wednesday but were still above $114 a barrel after rising more than 2 percent on Tuesday on escalating tension on the border of Turkey and Syria.

Russia's Finance Ministry will offer up to 35 billion roubles ($1.12 billion) of OFZ treasury bonds

later in the day. Analysts at VTB Capital say demand for 10-year bonds is unlikely to exceed 20 billion roubles, while an indicated yield of 7.78-7.83 percent provides a 5 basis points premium over the secondary market.

Russian Latest Net % % Change Markets Change Change on year STOCKS MICEX 1465,62 -7,32 -0,50 4,52 RTS 1484,34 -9,82 -0,66 7,42 London ADRs

861,64 -1,91 -0,22 10,69

Emrg Mkt Indx

992,95 -3,64 -0,37 8,35

MSCI Russia

794,08 -3,99 -0,50 7,78


92,21 -0,42 -0,45 16,93 VTB 0,05 -0,00 -0,72 -8,28 Gazprom 156,52 -0,63 -0,40 -8,63 LUKOIL 1941,90 -5,80 -0,30 14,06


135,91 -0,71 -0,52 -10,59


31,20 0,04 0,11 -2,95


40,14 -0,03 -0,07 -3,83

Rouble basket

35,22 0,01 0,02 -3,40 DEBT Bid Ask %Rtn Coupon Russia 10-yr

7,66 7,65 -0,03 7,60

bond MONEY MARKET Bid Ask Close Overnight 6,05 6,55 5,89 rate TABLE FROM POWER PLUS PRO

All data taken from Reuters at 0857 GMT

($1 = 31.1605 Russian roubles)

(Reporting by Maya Dyakina; Editing by Susan Fenton)