Russian stocks rise on corporate stories, positive environment

MOSCOW, Apr 27 (PRIME) -- The Russian stock market grew on Wednesday in a slight upward correction as the market mood was supported by positive corporate stories and a favorable external background, analysts said.

The MOEX Russia Index rose by 4.56% to 2,424.28 and the RTS increased by 4.92% to 1,049.04.

“The Russian stock market continues growth as it receives support from positive corporate news,” Andrei Kochetkov, leading analyst for global analysis at Otkritie Research, said.

The shareholders of rail cargo operator Globaltrans decided against paying dividends for 2021, but investors see the decision as positive because the company has to expand significantly in the eastern direction. Globaltrans gained 15% to 361.95 rubles, Kochetkov said.

Internet giant Yandex reported a 45% hike in revenue to 106.01 billion rubles in January–March, and its shares grew by 9.23% to 1,748.60 rubles. The company posted a net loss of 13.037 billion rubles in the period, but investors are ready to overlook the net loss while revenue is skyrocketing, he said.

Discounter retailer Fix Price reported a 21.2% increase in revenue to 62.6 billion rubles in January–March, with like-for-like sales rising by 11.6%. The receipts went up by 0.99% to 389.50 rubles, Kochetkov said.

“The mood of the global stock indices was optimistic, and the MOEX Russia Index and the RTS Index tested resilience of the resistance levels of 2,350 and 1,000, respectively … There are no fundamental reasons for the optimistic mood, and purchases are still done in correction,” Veles Capital analyst Yelena Kozhukhova said.

The external background for the Russian market was positive as the European bourses were in the green zone in spite of Russia’s suspension of gas exports to Poland and Bulgaria. The futures for the U.S. indices rose as investors were preparing for a day full of corporate reports, Kozhukhova said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+7.15	131.11	14.832
Gazprom	+5.00	237.15	11.235
Lukoil	+6.01	4550.00	3.481
TCS Group	+21.56	2520.00	1.812
Yandex	+9.23	1748.60	1.576

(72.7089 rubles – U.S. $1)

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