Russian stocks grow on Macron’s victory, oil price increase

MOSCOW, May 10 (PRIME) -- The Russian stock market rose on Wednesday after Emmanuel Macron won the French presidential elections and oil rebounded approaching the U.S. $50 per barrel level, analysts said.

The MICEX grew 1.29% to 2,028.21 and the RTS increased 2.39% to 1,111.64.

“Risky assets in rubles are supported by a decline in unpredictability concerning the elections in France, which was threatening the unity of the euro zone. A (planned)  meeting between Trump and the Russian foreign minister in the White House, where the most global issues will be allegedly discussed, has been another positive factor,” Finam analyst Timur Nigmatullin said.

The Brent oil price was returning to the $50 per barrel level, which, according to Irina Rogova, an analyst at Forex Club group of companies, was an important growth factor for the Russian market.

The Russian indices consolidated closer to the end of the session. Sergei Melnikov, an analyst at Forex broker Global FX, said that this happened because foreign markets reacted negatively to dismissal of the U.S. FBI Director James Comey.

Andrei Kochetkov, an analyst at Otkritie Broker, said that Sberbank with a 3.02% rise, Unipro with a 3.79% rise, and Polyus with a 1.93% increase were the market leaders after releasing strong financial reports.

Sistema erased earlier losses as its officials confirmed readiness to contest a claim against the company, he said. In the evening, the Moscow Arbitration Court turned down a claim sent against the company by Rosneft, and Sistema’s shares surged, analysts said.

Below are the MICEX’ five most active stocks on Wednesday:

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+3.02	170.80	7.854
Gazprom	-0.16	134.19	3.197
Lukoil	+3.75	2917	2.489
Sistema	+8.66	15.75	2.438
Norilsk Nickel	-1.22	8658	1.732

(58.5382 rubles – U.S. $1)

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