Russian stocks rise backed by positive global mood, local news

MOSCOW, Mar 1 (PRIME) -- The Russian stock market demonstrated positive dynamics on Wednesday thanks to the support of an optimistic global sentiment with a fading threat of the global economic recession, and local corporate news, analysts said.

The MOEX Russia Index grew 1.18% to 2,279.65 and the RTS increased 1.01% to 955.81.

“International rating agency Moody’s has improved the outlook on China’s gross domestic product (GDP) growth in 2023 and 2024 to 5%, which can fully offset a threat of the global recession. The dynamics can also encourage demand for energy sources while Russia is to reduce crude production by 500,000 barrels per day from Wednesday,” Freedom Finance Global’s Senior Analyst Natalya Milchakova said.

“Although today the Brent oil price is correcting downwards after the previous rise, the commodity is still trading above U.S. $83 per barrel, which is a bullish factor for Russia’s energy stocks,” she added.

Veles Broker analyst Yelena Kozhukhova said that gas giant Gazprom and aluminum producer RUSAL were among the best gainers.

RUSAL rose without evident fundamental reasons, probably, thanks to the support of recovering prices for aluminum and a possible announcement of dividends for 2022 after releasing a report later in March, she added.

Gazprom was backed by the news that its CEO Alexei Miller arrived in Tehran to discuss cooperation with Iranian partners, Kozhukhova also said. The development of the Asian and the Middle Eastern directions will perhaps become the company’s top priorities in the next coming months, she added.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	+3.03	162.44	9.847
Sberbank	+0.15	170.07	8.254
Lukoil	+1.3	4042	3.079
Tatneft	+1.74	334	2.511
Polyus	+2.17	8979.5	2.170

(74.8932 rubles – U.S. $1)

End