Russian stocks rise on coronavirus hopes, higher oil prices
MOSCOW, Apr 17 (PRIME) – The Russian stocks grew on Friday supported by growing oil prices and Western investor hopes for subsiding coronavirus infection, analysts said.
The MOEX Russia Index rose 0.79% to 2,534.97 and the RTS increased 1.10% to 1,078.69.
“The Russian stock market finishes the week with a further moderate growth on the background of improving external markets mood and attempts of oil prices to recover,” Sergei Deineka, financial analyst at BCS Premier, said.
The Brent oil price gained 1.172% to U.S. $28.15 per barrel as of 5.51 p.m. Moscow time, according to the ICE exchange.
“Macro statistics showed China’s GDP contracted by 6.8% in the first quarter in annual terms. But a record quarterly fall of the Chinese economy was alleviated by March industrial output, which outperformed expectations significantly pointing to economic recovery of the second largest economy of the world,” Deineka said.
Andrei Kochetkov, senior analyst at Otkritie Broker, said that the end of the week was good with Europe and the U.S. considering plans to soften the quarantine measures, and some regions applying the plans. Central Bank Chairwoman Elvira Nabiullina dropped a hint that a decrease of the key rate will be considered as the main option at the next meeting of the regulator on April 24.
Yelena Kozhukhova, analyst at Veles Capital, said that the European investors were very optimistic on the news about a successful conclusion of tests of drugs against the coronavirus, and were waiting for tough quarantine measures to be suspended in the largest economies.
Kochetkov also said that Russian metals rose in reaction to recovery of the Chinese economy. Novolipetsk Steel (NLMK) and Severstal gained 0.48%, and 0.84%, respectively.
As usual when risk appetite grows, defensive assets lose, Kochetkov said. Gold producers Polyus and Polymetal International fell 2.14% and 2.27%, respectively.
Below are the MOEX Russia Index’ five most active stocks on Friday:
| Company | Change, % | Last price, rbl | Trading volume, bln rbl |
|---|---|---|---|
| Sberbank | +1.75 | 191.80 | 13.685 |
| Lukoil | +1.28 | 4620.00 | 7.803 |
| Gazprom | +0.21 | 184.68 | 7.191 |
| Rosneft | +2.67 | 313.90 | 4.574 |
| Norilsk Nickel | +1.01 | 19718.00 | 3.954 |
(74.7119 rubles – U.S. $1)
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