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Deripaskas comment, positive environment push stocks higher

MOSCOW, Apr 27 (PRIME) Russian shares spiked on Friday after tycoon Oleg Deripaska agreed to cede control of En+ Group, the owner of RUSAL aluminum giant, in a move which should help remove the company from the U.S. sanctions list.

The announcement pushed global depositary receipts of En+ 0.67% higher to 302.50 rubles after a 2.33% contraction, while shares of aluminum giant UC RUSAL increased 3.18% to 29.88 rubles.

The MOEX Russia Index rose 0.68% to 2,301.49 and the RTS increased 1.77% to 1,167.12.

Rising European trade floors and softer geopolitical risks in Asia also supported Russian stocks analysts said.

The easing of geopolitical risks in Asia pushed the major global indices higher. The positive external background supported a rise of the Russian indices as well. Currency revaluation supported growth of the RTS index, Yevgeniya Abramovich, head of the currency risks research department at Swiss brokerage house Dukascopy Bank S.A., said.

But the MOEX Russia Index grew less as it was under pressure from sales in Gazprom. The Russian gas company reported a 25% slump of the net profit in the previous year due to strengthening of the ruble, Abramovich said.

Gazprom lost 0.67% to 144.50 rubles.

Mikhail Krylov, director of the research department at investment company Golden Hills Capital AM, said the market was buoyed by a meeting between the leaders of North and South Koreas, where North Korean leader Kim Jong-un expressed interest in visiting the presidential palace in Seoul. Kims words will definitely support the bourses growth today and next week, he said.

But Andrei Kochetkov, an analyst at Otkritie Broker, said that the local market reacted to the central banks maintenance of the key rate, which means that there are less chances now for a rate cut.

This is a rather negative factor for the stock market, as interest to the market usually grows in line with contraction of the regulators key rate. But the decision softens some risks of the ruble, and the national currency grew slightly due to the central banks decision. Expensive oil and a positive external background helped the ruble-denominated index to grow slightly, Kochetkov said.

Kochetkov also said that shares of oil major Lukoil grew 1.74% to 4,212 rubles thanks to strong financial results, while global depositary receipts of X5 Retail Group gained 3.45% to 1,800 rubles on expectations of a possible increase of their weight in the MSCI Russia index.

Below are the MOEX Russia Index five most active stocks on Friday:

Company Change, % Last price, rbl Trading volume, bln rbl
Sberbank +1.45 223.91 18.163
Rosneft +1.33 380.00 4.064
Lukoil +1.74 4212.00 3.337
Gazprom -0.67 144.50 2.831
Moscow Exchange +3.42 120.05 2.033

(62.6027 rubles U.S. $1)


27.04.2018 19:23
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