Russian stocks rise on global positive trend, growing oil prices

MOSCOW, Oct 12 (PRIME) -- Russian stocks grew on Friday buoyed by a positive mood at other stock markets, and higher oil prices, analysts said.

The MOEX Russia Index rose 1.54% to 2,403.02 and the RTS decreased 1.54% to 1,141.35.

Veles Broker’s analyst Yelena Kozhukova said that the background for the Russian market was positive as oil prices grew after a release of OPEC’s monthly report. “The report signaled that the growth of oil production in Russia and in OPEC compensated the slowdown of output in Iran. Moreover, analysts of the organization reduced their forecast for the increase of global demand for oil this year and next year,” she said.

Dmitry Babin, analyst at BCS Broker, said that the background was positive as all major Asian indices finished the day in the green zone.

“The growth on the Asian floors was caused by the news about a possible meeting of the U.S. and China leaders at the end of September. It eased risks of escalation of the foreign trade conflict between the two states and improved the mood of players on global floors,” Babin said.

Investment company Finam’s expert Vasily Oleinik said that earlier this week, the U.S. Treasury Department sold a record $230 billion of U.S. treasuries, which pushed the stock indices strongly down.

“Today, investors may breathe easily as the authority plans no new money absorptions soon, so chances for recovery of the stock markets are high. (U.S. President Donald)Trump just needs not to wake up on the wrong side of the bed and blurt out new threats to China.”

Anastasia Sosnova, Freedom Finance’s analyst, said that panic at global markets may have been cooled down by Trump’s criticism of the aggressive policy of the U.S. Federal Reserve System and his denial of a negative impact on the U.S. companies from import duties.

Yevgenia Abramovich, head of the currency risks research department at Swiss brokerage house Dukascopy Bank S.A, said that the MOEX Russia Index received support from trade in shares of top bank Sberbank and gas giant Gazprom that grew 3.55% and 3.14%, respectively.

Babin also said that diamond giant ALROSA was among the losers today as its shares lost 3.96% due to a dividend cut-off.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+3.55	191.85	11.967
Gazprom	+3.14	167.00	5.326
Magnit	+1.45	3490.00	2.504
Lukoil	+0.04	4806.00	2.316
Norilsk Nickel	-0.74	11170.00	1.690

(66.7727 rubles – U.S. $1)

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