Russian stocks rise backed by higher oil prices, favorable mood

MOSCOW, Feb 12 (PRIME) -- The Russian stock market continued to recover from previous losses on Wednesday thanks to a positive foreign environment and encouraging local corporate news, analysts said.

The MOEX Russia Index grew 0.80% to 3,122.27 and the RTS rose 1.16% to 1,557.44.

“The Russian stock market continued moderate growth trying to consolidate above the 3,100 mark. Global optimism was fueled by information about a fall in new coronavirus COVID-2019 cases, and decreasing wariness on the oil market,” Sergei Deineka, financial analyst at BCS Premier, said.

Analysts of investment company Freedom Finance said that the Brent oil price added around 4% to above U.S. $56 per barrel pushing Russian energy stocks upwards with Bashneft and Surgutneftegas being the top performers, up 1.84% and 2.67%, respectively. 

Senior analyst at Promsvyazbank Bogdan Zvarich said that the sentiment on the Western floors was also favorable with major European benchmarks increasing 0.8% by the end of the day and the U.S. Dow Jones and S&P500 surging 0.7% and 0.5%, respectively, in the first 40 minutes of trading.

Otkritie Broker analyst Andrei Kochetkov said that gas giant Gazprom rose almost 2% as investors focus on the information announced during the investor day held on Tuesday.

Power companies WGC-2 and TGC-1 were the market leaders jumping 9.72% and 11.71% thanks to the government’s decision to finance upgrade of old power plants, Freedom Finance also said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	+1.77	238.03	19.803
Sberbank	0	254.5	13.352
Lukoil	+1.07	6466	6.107
Surgutneftegas	+2.67	49	4.139
Magnit	+5.17	3760	4.094

(63.9490 rubles – U.S. $1)

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