Russian stocks rise as fears of trade wars ease, oil price grows - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

Russian stocks rise as fears of trade wars ease, oil price grows

MOSCOW, Jun 20 (PRIME) -- Russian stocks rose on Wednesday supported by growing oil prices and firming global stocks as fears of U.S. trade wars have somewhat abated, analysts said.

The MOEX Russia Index rose 1.57% to 2,256.27 and the RTS increased 2.03% to 1,119.21.

After several days of contraction, the global stock market corrected upwards on easing concerns over the consequences of a trade war between the U.S. and China. The European indices grew by 1% on average. The Brent oil price climbed above U.S. $75 per barrel overnight supported by contraction of U.S. reserves of crude, Yevgenia Abramovich, head of the currency risks research department at Swiss brokerage house Dukascopy Bank S.A., said.

Sofya Kirsanova, an analyst at managing company Raiffeisen Capital, believes that the exchange of threats of import duties between the U.S., the E.U., and China looked more like tactical steps aimed at improving positions in trade negotiations.

Chinas retaliatory measures are to come in force only from July 6, while the European Commission has one more week to decide on import duties on U.S. goods. We may conclude that the countries are not really keen on toughening trade, they are more likely warning the Trumps administrationthat the U.S. protectionist measures are likely to hurt U.S. business, Kirsanova said.

Andrei Kochetkov, an analyst at Otkritie Broker, said that several weeks of fears resulted in excessive sales of many assets, including Russian stocks, but today greed overcame fear.

Shares of Russias top bank Sberbank fell close to 200 rubles per paper over the past several days, and the price implies a dividend yield of about 6%. This made Sberbank one of the leaders rising 3.01% to 212.20 rubles, Kochetkov said.

Kirsanova also said that shares of diamond mining giant ALROSA grew 3.41% to 94.10 rubles on expectations of Thursdays meeting of the companys supervisory board, which is to discuss the dividend policy.

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

Company Change, % Last price, rbl Trading volume, bln rbl
Sberbank +3.01 212.20 12.856
Gazprom +1.04 136.91 3.717
Lukoil +1.00 4132.00 3.278
ALROSA +3.41 94.10 2.601
Norilsk Nickel +1.05 11243.00 1.993

(64.0683 rubles U.S. $1)

End

20.06.2018 19:14
 
 
Share |
To report an error select text and press Ctrl+Enter
 
 
Central Bank Official Rate
1W 1M 1Y
USD
EUR 74.9022 -0.6336 17 nov
USD 65.9931 -0.6228 17 nov
Stock Market Indices
1D 1W 1M 1Y
MICEX
rtsi 1134.93 +0.34 18:50 16 nov
micex 2372.67 -0.37 18:50 16 nov
Stock Quotes in RUR
1D 1W 1M 1Y
GAZP
gazp 153.16 -0.64 18:49 16 nov
lkoh 4824.00 -0.62 18:49 16 nov
rosn 420.85 -0.80 18:49 16 nov
sber 199.26 -0.44 18:49 16 nov
MICEX Ruble Trading
1D 1W 1M 1Y
USDTD
EURTD 74.9025 -0.2975 14:59 16 nov
USDTD 65.7225 -0.8775 17:44 16 nov