Russian stocks increase on rising European markets, high oil price

MOSCOW, May 21 (PRIME) -- The Russian stock market grew on Monday on the back of rising European markets and high oil prices, analysts said.

The MOEX Russia Index rose 0.24% to 2,332.63 and the RTS Index increased 1.60% to 1,191.86.

“The external background was quite positive which was reflected in the Russian indices as well. China and the U.S. have decided to postpone active steps n the framework of a trade war in order to focus on the process of negotiations,” Otkritie Broker analyst Andrei Kochetkov said.

According to Sergei Drozdov, an analyst at investment company Finam, the European markets increased as the U.S. and China reached trade agreements. U.S. S&P futures rose as well on the back of this factor, Kochetkov said.

He said that market participants hope that Russian money will return home after U.K. parliamentarians spoke in favor of a tougher purge of the financial system from Russian capital.

Drozdov said that the Brent oil reached U.S. $80.47 per barrel on the back of continuing speculations about the U.S.–Iran deal break.

Kochetkov said that the oil sector led the market thanks to a high oil price.

Igor Kovalyov, analyst at InstaForex, said that Inter RAO decreased 3.66% after the company denied reports on a potential purchase of 23.5% of its shares from Federal Grid Company of Unified Energy Systems (FGC UES) and hydropower giant RusHydro.

Sistema fell 1.96% after reporting reduction of dividends, he said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+1.8	226.21	8.784
Gazprom	+0.76	146.76	2.391
Lukoil	-1.16	4398.5	2.204
Norilsk Nickel	+1.77	10922	1.863
Magnit	+1.51	5185	1.815

(61.9408 rubles – U.S. $1)

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