Russian stocks grow on Gazprom, financial sector increase

MOSCOW, Aug 9 (PRIME) -- The Russian stock market increased despite falling oil prices on Monday propelled by Gazprom and the financial stocks, analysts said.

The MOEX Russia Index grew 0.78% to 3,835.11, and the RTS Index increased 0.50% to 1,641.07.

"After a drop to 3,790, the market made a U-turn, ignoring decreasing oil and metals. The external background was negative but the Russian market managed to stabilize thanks to the non-mineral sectors," Otkritie Broker’s leading analyst for global research Andrei Kochetkov said.

Veles Capital analyst Yelena Kozhukhova said that the oil market situation was negative as both the Brent and the WTI futures accelerated the decline in the middle of the session to about 3.5%, correcting from the local highs. Deterioration of the coronavirus situation in China and strengthening of the U.S. dollar are the fundamental reasons for the oil price slide, she said.

The European markets were neutral with the Euro Stoxx 50 firming by 0.1%. The U.S. stock market futures demonstrated moderately negative dynamics with the S&P 500 falling by 0.1%. Investors followed the news on approval of a U.S. $1 trillion infrastructure support plan by the House of Representatives.  

Kochetkov said that Gazprom bucked the trend in the sector because investors were optimistic about an upcoming completion of the Nord Stream 2 pipeline.

The financial and chemical sectors were the gain leaders of the day, he said, adding that PhosAgro and Kazanorgsintez led in chemicals and petrochemicals, rising 3.23% and 5.10% (preferred) respectively.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+2.39	326.78	22.563
Gazprom	+1.34	286.05	19.075
Norilsk Nickel	-1.1	24826	5.854
NLMK	-0.88	253.76	4.741
Lukoil	+0.9	6292	4.660

(73.1304 – U.S. $1)

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