Russian stocks grow as oil prices, foreign bourses advance

MOSCOW, Jul 22 (PRIME) -- The Russian stock market edged up on Thursday, backed by rising U.S. stock indices and strengthening oil prices, analysts said.

The MOEX Russia Index grew 0.85% to 3,754.44 and the RTS increased 0.86% to 1,599.74.

“A positive foreign background and rising crude prices provided the Russian stock market with a basis for recovery… Strong reports by metals producers added reasons for purchases. Generally, wariness about the COVID-19 Delta virus has faded out,” Otkritie Broker analyst Andrei Kochetkov said.

Freedom Finance analyst Valery Yemelyanov said that the local market was backed by the increasing U.S. stock market and strong crude.

He also said that integrated steel producer Magnitogorsk Iron and Steel Works (MMK) was among the best performers growing 1.65% thanks to sound operating results for January–June.

Steelmaker Novolipetsk Steel (NLMK) of businessman Vladimir Lisin added 1.63%, supported by a release of a 75% rise in the net profit and a 44% advance in revenue in April–June, Kochetkov said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	+0.11	283.2	10.801
Sberbank	+0.76	297.09	5.726
Lukoil	+0.82	6445.5	5.295
MMK	+1.65	65.105	3.679
NLMK	+1.63	246.56	3.377

(74.4947 rubles – U.S. $1)

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