Russian stocks rise in reaction to positive US labor statistics

MOSCOW, May 7 (PRIME) -- The Russian stock market grew on Friday together with the European indices in reaction to the robust U.S. labor market statistics, analysts said.

The MOEX Russia Index rose 0.67% to 3,682.69 and the RTS increased 1.73% to 1,577.51.

“The MOEX Russia Index grew on Friday, with the session’s maximum reaching 3,688.81, which is a new absolute record. … The European indices reacted positively to the release of a report on U.S. April employment. The pan-European EuroStoxx 600 index grew by 0.4%, though the employment growth unexpectedly slowed down compared with the previous month. Mining companies and the technology sector were the growth leaders,” Mikhail Shulgin, head of Otkritie Broker’s global research department, said.

Artemy Shamshukov, analyst at investment company Finam, said that new filings for unemployment in the U.S. fell to 498,000 in the week ending on May 1, a record low since the beginning of the pandemic and significantly below the expected 540,000.

“The major positive factor today is a record low amount of new filings for unemployment since the beginning of the pandemic, which demonstrates recovery of the world’s largest economy,” Shamshukov said.

He also said that the shares of aluminum giant UC RUSAL gained 3.33% to 55.695 rubles due to the continuing tensions between Australia and China and a lack of aluminum supply in the world, which resulted in the growth of the futures for the metal.

Real estate developer PIK Group lost 1.04% to 989.50 rubles after VTB Bank sold its 15.48% stake in the developer’s subsidiary PIK-Spetsializirovanny Zastroishchik (PIK-Specialized Developer), he said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+1.01	317.91	16.540
Gazprom	-0.61	241.51	8.438
Norilsk Nickel	+0.87	27058.00	7.356
Lukoil	+0.08	6092.00	4.236
Severstal	+3.75	1826.00	4.053

(74.5770 rubles – U.S. $1)

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