Russian stocks increase following global stock market optimism

MOSCOW, Jul 29 (PRIME) -- The Russian stock market closed higher on Thursday, as investors followed the optimism reigning on the foreign stock markets, analysts said.

The MOEX Russia Index edged up by 0.58% to 3,804.33, and the RTS Index increased by 1.42% to 1,639.35.

"The Russian market continued to grow from the start of trade following a positive mood on the global trading floors. Retention of a mild monetary policy by the U.S. Federal Reserve System (Fed) and a sudden easing of the financial policy of China favored this mood, as well as the price growth on the commodities markets. The official statistics and corporate reports were also on the side of buyers," Finam analyst Alexei Kalachyov said.

The U.S. markets closed mixed on Wednesday after the Fed retained a mild monetary policy. The Asian markets opened higher on Thursday with the Chinese markets growing after the financial authorities eased pressure and added liquidity, he said.

The European markets grew, the Brent prices rose to U.S. $74.5, which strengthened the upward dynamics in Moscow, Kalachyov said.

The Federal State Statistics Service said on Wednesday evening that the gross domestic product (GDP) reached the pre-pandemic level of October–December 2019 in June 2021, excluding seasonality. Positive changes were also seen in the wages and unemployment, Kalachyov said.

Otkritie Broker leading analyst for global research Andrei Kochetkov said that the market participants also liked Sberbank’s January–June financial report as its net profit under International Financial Reporting Standards doubled and return on equity exceeded 25%.

Veles Capital Yelena Kozhukhova said that Norilsk Nickel dove after the Federal Fisheries Agency sued the company for an accident in 2020.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Norilsk Nickel	-1.48	25310	13.342
Gazprom	+1.63	286.81	11.111
Sberbank	+0.36	304	8.024
Lukoil	-0.13	6406.5	4.056
VTB	+0.57	0.048275	2.712

(73.6088 – U.S. $1)

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