Russian stocks rise as Trump passes powers to Biden

MOSCOW, Nov 24 (PRIME) -- The Russian stock market rallied like the global trading floors on Tuesday on the news that U.S. President Donald Trump ordered to pass power to Joe Biden after more than two weeks of wrangling, analysts said.

The MOEX Russia Index grew èí 1.60% to 3,095.84, and the RTS index increased èí 2.41% to 1,287.12. 

"The political crisis in the U.S. will not take place. President Donald Trump unblocked the process of transferring powers to the new president. Joe Biden nominated former Chairwoman of the Federal Reserve System Janet Yellen to the post of the finance minister, which is welcomed by the markets," Otkritie Broker analyst Andrei Kochetkov said.

Investment company Freedom Finance analyst Valery Yemelyanov said that investment in risky assets was registered during the Asian trading session. Japan was the growth leader with the Topix index increasing by 2%.

The Western markets grew with Germany, France, the U.K. adding 1.2–1.4%, the U.S. stock market futures also rose.

According to Kochetkov, the oil prices grew on hopes of a fast victory over the pandemic, but the market was overly hopeful because supply growth is still held down only by the OPEC plus deal and the lack of financing of the U.S. oil development.

Besides, the U.S. oil reserves decreased over the last week boosting the prices, he said.

Yemelyanov said that the shares of Yandex broke a two-week neutral trend and soared to the levels of the start of the month.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+2.51	245.72	18.573
Gazprom	+1	186	10.517
Lukoil	+1.8	5117	9.477
Polyus	-1.98	14492.5	8.667
Yandex	+5.19	4930.8	6.230

(75.7600 rubles – U.S. $1)

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