Russian stocks increase on oil price, foreign markets recovery

MOSCOW, Feb 4 (PRIME) -- The Russian stock market grew on Tuesday as the oil prices rose on expectations that the OPEC+ will take extra measures for market balancing due to the coronavirus, and as foreign markets were recovering, analysts said.

The MOEX Russia Index rose 0.87% to 3,097.60, and the RTS Index increased 1.17% to 1,547.19.

“The domestic market started growing following the foreign floors. Perception of the new coronavirus spread has become more blunted, many people expect additional stimuli both in China and the key world economies,” Otkritie Broker analyst Andrei Kochetkov said.

The Brent price rose 0.42% to U.S. $54.68 per barrel as of 6:18 p.m., Moscow time. Yelena Kozhukhova, analyst at Veles Capital, said that the prices were supported by the hopes for measures to stabilize the market by the participants of the OPEC plus nonmember oil output reduction agreement.

The European markets increased, including on the back of optimistic financials and forecasts by BP and Glencore. The U.S. stock market futures went up, partially because the Chinese market started to recover from local minimums, and the Chinese financial ruler restricted opening short positions, the analyst said.

Kochetkov said that Lukoil fell after its lackluster operating report.

Aeroflot was among the gain leaders after publishing a strong financial report under Russian Accounting Standards (RAS) for 2019 with the net profit soaring by 90%, the analyst said.

RUSAL recovered after a slump, he said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.56	255.4	12.693
Lukoil	-1.43	6500	10.907
Gazprom	+1.26	230.5	10.412
Norilsk Nickel	+2.39	20898	8.327
Surgutneftegas	+5.06	46.705	6.438

(63.9091 – U.S. $1)

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