MOSCOW, Apr 5 (PRIME) – The Russian stocks increased on Friday supported by higher oil prices and the foreign bourses that grew on the news about progress in the U.S.-China trade negotiations, analysts said.
The MOEX Russia Index rose 0.22% to 2,540.99 and the RTS increased 0.48% to 1,225.84.
“On Friday, the Russian stock market continued showing consistent growth due to a favorable external background. In the first half of the trading session, dynamics of oil prices were under a noticeable pressure and caused some concerns…but in the second half of the day, the international stock indicators and oil prices switched to active growth, triggering an upward movement on our market as well,” Dmitry Babin, analyst at BCS Broker, said.
Anastasia Sosnova, an analyst at investment company Freedom Finance, said that the external background was positive as the U.S. and China promised to sign a final trade agreement in the coming month. Investors also hoped that the U.S. labor market statistics, which is to be released later in the day, would confirm stability, she said.
Andrei Kochetkov, analyst at Otkritie Broker, said that the upward movement in the Russian stocks was not as robust as it could have been because the national market lacked its own trade ideas and only followed foreign bourses and oil prices.
Kochetkov also said that retailer Magnit was among the loss leaders falling 1.53% to 3,610 rubles after the company confirmed its interest in the purchase of 100% in another retailer Lenta. On the one hand, it could improve the company’s position on the market, but on the other hand, it could have a negative impact on its debt burden, he said.
Preferred shares of oil pipeline monopoly Transneft fell 1.89% to 169,150 rubles on comment by First Vice President Maxim Grishanin that the company’s board of directors planned to discuss a share buyback program on April 18, Kochetkov said.
Below are the MOEX Russia Index’ five most active stocks on Friday:
| Company | Change, % | Last price, rbl | Trading volume, bln rbl |
|---|---|---|---|
| Sberbank | +2.57 | 227.50 | 17.548 |
| Gazprom | -0.18 | 158.60 | 3.636 |
| Lukoil | -0.73 | 5822.00 | 2.776 |
| Norilsk Nickel | +0.31 | 14332.00 | 2.302 |
| Magnit | -1.53 | 3610.00 | 1.091 |
(65.3281 rubles – U.S. $1)
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