Russian stocks close mixed driven by controversial global mood

MOSCOW, Mar 23 (PRIME) -- Russian stocks closed mixed on Friday due to an uncertain global sentiment with crude prices hitting a 3-year record high on the one hand and an escalating trade conflict between the U.S. and China on the other hand, analysts said.

The MOEX Russia Index eased 0.01% to 2,285.53 and the RTS rose 0.2% to 1,261.44.

“The Russian stock market was consolidating near the level of Thursday’s closing during the day… while foreign floors traded in the red territory… on concerns about tighter trade wars following U.S. President Donald Trump’s decree on introduction of import duties on steel and aluminum,” Raiffeisen Capital analyst Sofya Kirsanova said.

Analysts of Swiss brokerage house Dukascopy Bank said that Trump’s further initiatives to impose duties on imports of a variety of goods from China triggered a wave of sales on the global stock markets as investors escape to safety assets.

Kirsanova said that the domestic market was supported by oil strengthening to over U.S. $70 per barrel, the level reached in January first since December 2014, on a statement of Saudi Arabia’s Energy Minister Khalid Al-Falih that an oil production cut agreement of OPEC and non-OPEC states may be expanded into 2019.

Growing oil prices drove Russian oil and gas companies higher. Gas giant Gazprom grew 1.79% to 142 rubles, Lukoil added 0.45% to 3,874.5 rubles and Tatneft went up 0.26% to 618.35 rubles.

Yevgenia Abramovich, head of the currency risks analysis department at Swiss brokerage house Dukascopy Bank S.A, said that the central bank’s decision to reduce the key rate by 0.25 percentage points to 7.25% was predictable and made no considerable influence on the market.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	-1.32%	262	12.129
Gazprom	+1.79%	142	4.712
Lukoil	+0.45%	3874.5	4.264
Magnit	-1.1%	4747	2.461
Aeroflot	+1.18%	158.35	2.042

(56.8391 rubles – U.S. $1)

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