Russian stocks rise on higher oil, foreign stocks, COVID hopes

MOSCOW, Mar 26 (PRIME) -- The Russian stock market grew on Friday supported by growing foreign stock and energy markets, while hopes that the fight against the coronavirus will strengthen added fuel to the fire, analysts said.

The MOEX Russia Index rose 1.47% to 3,489.83 and the RTS increased 2.31% to 1,449.85.

“The Russian stock indices stayed in the green zone on support from the improving external background,” Veles Capital analyst Yelena Kozhukhova said.

The oil prices grew, the European stock market gained some ground as investors priced in the Thursday dynamics of the U.S. market and a 3.7% year-on-year fall of retail sales in the U.K. in February, an improvement as compared with a 5.9% contraction in January, she said.

U.S. President Joe Biden said the vaccination rate will double supporting futures for the U.S. indices throughout the day, Kozhukhova said.

“The Russian stock market had a noticeable upward correction on Friday after the fall of the previous days. The shares received support from a general improvement of the international market mood on hopes that expansion of vaccination and large-scale stimulation measures would help the global economy to return to the pre-crisis growth in the medium term,” Igor Dodonov, analyst at investment company Finam, said.

Andrei Kochetkov, senior analyst for global research at Otkritie Broker, said that metals giant Norilsk Nickel grew by 3.46% to 21,988 rubles in a rebound from previous sales propelling the entire sector higher.

The transport sector in general and shares of national flagship carrier Aeroflot in particular received support from hopes for a restart of international flights to new destinations with Aeroflot rising 2.54% to 67.82 rubles, Kochetkov said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+0.78	288.90	14.808
Norilsk Nickel	+3.46	21988.00	11.463
Lukoil	+0.78	6230.00	6.782
Rosneft	+0.82	579.35	5.536
Gazprom	+0.50	225.97	5.407

(76.1741 rubles – U.S. $1)

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