Global trade wars, falling oil price weigh upon Russian stocks - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Global trade wars, falling oil price weigh upon Russian stocks

MOSCOW, Aug 1 (PRIME) -- Russian stocks contracted on Wednesday as global trade wars dragged the international floors in the red zone, and contraction of oil prices provided no support to local bulls, analysts said

The MOEX Russia Index fell 0.26% to 2,315.18 and the RTS decreased 1.11% to 1,160.09.

УMore news on trade wars between the U.S. and China resulted in sales on the global market. The Wall Street Journal published an article depicting the persistence of U.S. President Donald TrumpТs advisers on raising tariffs on Chinese imports worth U.S. $200 billion to 25%,Ф Andrei Kochetkov, an analyst at Otkritie Broker, said.

Lower trade turnover between the two countries may undermine demand for many goods that Russia exports, including energy and metals, Kochetkov said.

УThe piece of news was expected, but the market expected the duty on $200 billion worth of goods would amount to 10%, while now it may reach 25%...We also had another interesting piece of news saying that Germany is ready to join the U.S. trade war. It became known that Germany is ready to veto acquisition of one of German companies by Chinese investors,Ф Vasily Oleinik, an analyst at investment company Finam, said.

This means that the E.U. has begun building barriers for Chinese investors, and it may follow the U.S. and impose duties on Chinese goods. China also warned Washington this morning that retaliation for higher import duties will be immediate, Oleinik said.

Kochetkov said that energy resource exporters and metals companies were among the losers. Gas giant Gazprom fell 1.15%, oil major Rosneft contracted 0.57%, metals giant Norilsk Nickel decreased 0.92%, and steelmaker Severstal fell 0.68%.

Shares of power utility Mosenergo gained 0.35% on a report that the companyТs net profit rose 5% to 15.457 billion rubles in JanuaryЦJune as calculated under Russian Accounting Standards (RAS), he said.

Ivan Marchena, an analyst at investment company Forex Club, said that shares of Bank Saint Petersburg gained 8.68% after Deputy CEO Konstanting Balandin said that the bankТs supervisory committee may approve a $10 million share buyback.

Below are the MOEX Russia IndexТ five most active stocks on Wednesday:

Company Change, % Last price, rbl Trading volume, bln rbl
Sberbank -1.98 210.60 8.004
Gazprom -1.15 142.14 2.609
Lukoil +0.95 4494.00 2.299
Rosneft -0.57 416.60 1.257
Magnit +1.43 4187.00 1.173

(62.3497 rubles Ц U.S. $1)

End

01.08.2018 19:15
 
 
Share |
To report an error select text and press Ctrl+Enter
 
 
Central Bank Official Rate
1W 1M 1Y
USD
EUR 77.7529 -0.6084 21 sep
USD 66.4725 -0.5373 21 sep
Stock Market Indices
1D 1W 1M 1Y
MICEX
rtsi 1143.20 +0.80 17:02 20 sep
micex 2412.09 +0.32 17:02 20 sep
Stock Quotes in RUR
1D 1W 1M 1Y
GAZP
gazp 157.23 -0.10 16:47 20 sep
lkoh 4700.00 -0.40 16:47 20 sep
rosn 442.30 +1.02 16:46 20 sep
sber 193.12 -0.40 16:47 20 sep
MICEX Ruble Trading
1D 1W 1M 1Y
USDTD
EURTD 78.0275 -0.1025 14:59 20 sep
USDTD 66.7525 -0.6175 17:44 20 sep