Russian stocks rise on US–China trade talks, oil price growth

MOSCOW, Jan 9 (PRIME) -- Russian stocks grew on Wednesday supported by global investor mood improvement following trade negotiations between Washington and Beijing and rising oil prices, analysts said.

The MOEX Russia Index rose 1.02% to 2,414.13 and the RTS increased 1.12% to 1,135.51.

“The Russian stock market showed positive dynamics thanks to improvements in the external background. Negotiations on the trade issues between China and the U.S. have brought no tangible results yet, but the fact that the countries are at least trying to overcome the dispute already inspires the markets,” Andrei Kochetkov, Otkritie Broker’s analyst, said.

The inspiration drove higher Severstal, Magnitogorsk Iron and Steel Works (MMK), and Novolipetsk Steel (NLMK), which gained 2.09%, 3.81%, and 2.44%, respectively, Kochetkov said.

Veles Broker analyst Yelena Kozhukhova said that oil prices also prompted purchases on the Russian market.

Aluminum giant UC RUSAL and multi-industry holding En+ Group were under the pressure losing 1.51% and 2.15%, respectively, as the U.S. congressmen suggested delaying lifting sanctions from the companies, Kozhukhova added.

Vasily Oleinik, investment company Finam’s expert, said that a January 4 statement of U.S. Federal Reserve System’s Chairman Jerome Powell also contributed to the recovery of appetite for risky assets, as his rhetoric was softer than expected leading the market to suppose that the Fed will not raise its rates this year.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+3.01	197.00	13.794
Lukoil	+0.42	5060.00	4.148
Gazprom	+1.25	160.24	3.059
Sberbank prefs	+1.67	169.80	1.232
Norilsk Nickel	+0.77	13229.00	1.198

(69.4706 rubles – U.S. $1)

End