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Russian stocks rise as investors expect ruble growth

MOSCOW, Jul 7 (PRIME) -- The MOEX Russia Index closed with marginal changes on Thursday, as investors were waiting for dividend cutouts of more companies on Friday, while the RTS index grew on expectations of a ruble rise, analysts said.

The MOEX Russia Index firmed by 0.21% to 2,226.65, and the RTS Index increased by 2.80% to 1,132.49.

"Moderate optimism prompted mainly by the investor desire to lift the prices for some assets from local minimums, predominated on the foreign trading floors. Meanwhile, the Russian market consolidated near the earlier levels ahead of new dividend cutouts on Friday," Veles Capital analyst Yelena Kozhukhova said.

The external background was moderately positive, as the Euro Stoxx 50 index added 1.3%, correcting after earlier sales. The nearest Brent and WTI futures added 1%. The U.S. might slap new sanctions on Iran and cut the chances for a nuclear deal, triggering a further increase in the oil prices. In the U.S., the S&P 500 futures added about 0.2%, as investors reacted to the publication of U.S. Federal Reserve System (Fed) protocols with restraint, Kozhukhova said.

Dmitry Postolenko, senior portfolio manager of management company Pervaya, said that the RTS index outperformed the MOEX Russia Index on expectations of a firmer ruble.

The healthcare, IT and transport sectors were the day’s leaders, Postolenko said.

Kozhukhova said that Novorossiysk Grain Plant grew 0.33% after confirming dividends for 2021 at 0.54 rubles per share. Tatneft, RusHydro and Gazprom Neft slid 5.10%, 1.02% and 2.37% respectively after the dividend cut-off.

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

Company Change, % Last price, rbl Trading volume, bln rbl
Gazprom +1.28 197.92 8.590
Sberbank -0.68 133.09 5.737
Rosneft -1.27 364.95 1.368
Lukoil -0.15 3956 1.347
Novatek -1.15 998 0.963

(62.9110 rubles – U.S. $1)

End

07.07.2022 19:14