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Russian stocks rise as China promises new support to economy

MOSCOW, Feb 19 (PRIME) The Russian stocks grew on Wednesday in line with all major foreign bourses on Chinas comment that new economic support measures are possible, analysts said.

The MOEX Russia Index rose 1.32% to 3,114.57 and the RTS increased 1.75% to 1,542.08.

The joint European index Stoxx Europe 600 hit a new historic record, and the stock indices grew in Tokyo, Hong Kong, and SydneyThe rally on the stock exchanges started on media reports that China plans further support measures for its economy, including steps to save some airlines, Yaroslav Kabakov, director for strategies at investment company Finam, said.

On Wednesday, the mood on the stock markets swung into optimism again. New data emerged showing that the growth of newly infected people in China is slowing down, and reports came about gradual recovery of Chinese companies work. Pricing of Brent oil is slowly moving closer to U.S. $60 per barrel, Alexander Bakhtin, investment strategist at BCS Premier, said.

The positive market mood and higher oil prices pushed the market to forget the new U.S. sanctions against oil major Rosnefts subsidiary Rosneft Trading, and the shares of the Russian oil company grew 3.02% to 465.85 rubles, Bakhtin said.

Andrei Kochetkov, analyst at Otkritie Broker, said that Rosnefts robust financial performance also prompted players to buy the companys shares.

Kochetkov also said that metals giant Norilsk Nickel gained 3.29% to 22,536 rubles in reaction to explosive growth of palladium prices.

Dmitry Bedenkov, head of the research department of investment company Russ-Invest, said that Norilsk Nickel also grew as index provider MSCI significantly raised the weight of the companys shares in the MSCI Russia 10/40 index.

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

Company Change, % Last price, rbl Trading volume, bln rbl
Norilsk Nickel +3.29 22536.00 6.648
Sberbank +0.34 250.05 5.753
Gazprom +0.72 232.17 5.123
Rosneft +3.02 465.85 4.504
Lukoil +2.10 6512.50 3.695

(63.7698 rubles U.S. $1)

End

19.02.2020 19:18
 
 
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