Russian stocks rise on US inflation data, China’s COVID hopes

MOSCOW, Nov 11 (PRIME) -- The Russian stock market grew on Thursday as the global investors were happy with the latest U.S. inflation statistics and hoped that China will soften the coronavirus restrictions, analysts said.

The MOEX Russia Index rose 0.34% to 2,217.44 and the RTS increased 0.69% to 1,158.24.

“The external background on Friday was positive. The oil prices grew, and the mood on the global markets remained positive after the release of inflation data in the U.S., which showed a slowdown of consumer inflation’s growth to 7.7%,” Ivan Kapustyansky, analyst at managing company Pervaya, said.

Veles Capital Yelena Kozhukhova said that the foreign bourses rose on investor hopes for the U.S. Federal Reserve System’s softening its stance and expectations of China easing the coronavirus restrictions, she said.

“The Russian stock market switched into the green zone after fluctuations at the beginning of the day following the optimistic mood of international players,” Kozhukhova said.

The shares of metals giant Norilsk Nickel gained 4.07% to 14,616 rubles following the nickel prices that grew on hopes that the economic activity in China would improve, she said.

Vladimir Lyashchuk, senior analyst at Promsvyazbank, said that the shares of power producer Unipro outperformed the market and gained 3.35% to 1.449 rubles as investors were pleased with the board of directors’ decision to consider dividends. Still, the probability that it will recommend paying dividends is low as the company has a foreign shareholder, he said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.04	136.74	9.286
Rosneft	-1.05	354.50	2.878
Norilsk Nickel	+4.07	14616.00	2.830
Gazprom	+0.63	169.96	2.301
Polyus	+0.09	6721.00	1.993

(61.2434 rubles – U.S. $1)

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