Russian stocks rise supported by oil prices, foreign bourses

MOSCOW, Feb 8 (PRIME) – The Russian stocks grew on Monday as the local market received support from rising oil prices and Western bourses, analysts said.

The MOEX Russia Index rose 1.57% to 3,445.90 and the RTS increased 2.13% to 1,462.22.

“The national market again cannot help but grow on a positive external background. The Brent oil price is above U.S. $60 per barrel, Europe is in the green zone, and chances for a full approval of another incentive package in the U.S. grew after the democrats pushed the full document through the Senate. Still, investor activity is moderate,” Andrei Kochetkov, lead analyst for global research at Otkritie Broker, said.

Veles Capital analyst Yelena Kozhukhova said that the oil prices grew on hopes of global economic recovery and support from additional output cuts by Saudi Arabia in February and March. The European investors hope for normalization of the coronavirus situation in the region.

“The Russian stock indices stayed in the green zone as they continued to receive support from the outside,” Kozhukhova said.

Yevgeny Mironyuk, analyst at investment company Freedom Finance, said that real estate developer PIK Group gained 1.42% to 770.60 rubles on reports that the company was the country’s top real estate developer by launches of housing in 2020.

Kozhukhova also said depositary receipts of TCS Group, which comprises Tinkoff Bank and Tinkoff Insurance, rose by 3.91% to 3,382 rubles prior to quarterly rebalancing of the MSCI indices on Tuesday as the securities may be upgraded.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	+2.14	226.75	14.171
Sberbank	+1.13	274.77	12.755
Lukoil	+0.56	5747.00	5.096
Norilsk Nickel	+1.19	25780.00	4.904
Rosneft	+0.76	497.70	3.699

(75.1107 rubles – U.S. $1)

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