Russian stocks mirror strong dynamics of Brent oil price
MOSCOW, Apr 28 (PRIME) -- Russian stocks grew on Thursday reflecting strong dynamics of the Brent oil price and supported by mild rhetoric of the U.S. Federal Reserve System (Fed), analysts said.
The MICEX rose 1.82% to 1,969.89 and the RTS increased 4.03% to 964.41.
The Brent oil price increased 0.715% to U.S. $47.52 per barrel as of 6.01 p.m. Moscow time, according to the ICE exchange.
“The growth of oil prices did not leave the Russian players indifferent…The negative impact from last week’s growth of oil reserves in the U.S. is safely behind us. Speaking of the market in general, there is an upward trend. The Brent oil price’s stabilization above $47 per barrel will allow the price to sail off to the November 2009–level of around $48,” Andrei Dirgin, head of Alfa-Forex analytical department, said.
Another positive factor was Fed’s decision to keep the key rate. “Fed’s comments weren’t aggressive. The Fed acknowledged a slowdown of economic growth, which gave reason to hope for a more gradual toughening of the monetary policy. Any such hopes are positive for risky assets,” Irina Rogova, an analyst at Forex Club group of companies, said.
The geopolitical scene provided some support for the market as well. France’s National Assembly, the lower chamber of parliament, voted for a resolution urging the government to speak against the prolongation of the E.U. sanctions against Russia, which also supported the ruble, Rogova added.
Shares of retailer Magnit outperformed the market and grew 2.44% to 9,040 rubles in a correctional rebound after losing about 14% in three previous days after the company published weak financial results in January–March, Vitaly Manzhos, senior analyst at Bank Obrazovanie, said.
Mobile operator MegaFon grew 3.64% to 740 rubles as the company’s net profit increased 19.4% on the year to 8.837 billion rubles in January–March, and the company’s board of directors recommended paying 48.38 rubles per share, or a total of 29.996 billion rubles, in dividends for 2015, Manzhos said.
Oil company Rosneft also looked stronger than the market and rose 2.03% to 341.75 rubles supported by the news that Indonesian oil and gas company Pertamina is considering buying stakes in Rosneft’s oil exploration and production projects, Igor Kovalyov, an analyst at InstaForex, said.
Gas giant Gazprom also rose 2.34% to 164.75 rubles after it published financial results for 2015. Investors waited for the company’s report to better understand possible dividends for the year. If Gazprom pays 50% of its net profit under International Financial Reporting Standards, the dividend yield may reach a record of 10%, Anton Kravchenko, a portfolio manager at managing company Raiffeisen Capital, said.
Below are the MICEX’ five most active stocks on Thursday:
| Company | Change, % | Last price, rbl | Trading volume, bln rbl |
|---|---|---|---|
| Sberbank | +2.97 | 124.39 | 10.557 |
| Gazprom | +2.34 | 164.75 | 8.414 |
| Magnit | +2.44 | 9040.00 | 3.371 |
| Norilsk Nickel | +0.09 | 9709.00 | 3.242 |
| Lukoil | +2.45 | 2800.00 | 2.750 |
(65.1618 rubles – U.S. $1)
End
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