Russian stocks rise together with oil prices on OPEC+ hopes

MOSCOW, Jul 1 (PRIME) -- The Russian stock market edged up on Thursday together with the oil prices on hopes that the OPEC+ committee recommends a moderate increase of oil production, analysts said.

The MOEX Russia Index rose 0.43% to 3,858.32 and the RTS increased 0.17% to 1,656.61.

“Though the Asian floors fell on a weak business activity index in China’s producing sector, the oil prices and stock indicators grew since the start of the day, and dynamics only picked up after the start of the European session. The European indices joined the trend as they received support from the business activity indices in the E.U. producing sector that outperformed forecasts,” Dmitry Babin, stock market expert at BCS World of Investment, said.

The market expects the OPEC+ ministers to increase production by 0.5–1 million barrels per day in August, and if the decision comes close to the upper figure or overshoots it, the oil prices may fall noticeably, Babin said.

The Brent oil price grew by 1.394% to U.S. $75.66 per barrel as of 6.10 p.m. Moscow time.

“The MOEX Russia Index and the RTS Index rose, and the ruble-denominated indicator even renewed a historic record today by climbing to 3,875 propelled by oil and gas shares. Much will depend on the news from the OPEC+ monitoring committee’s meeting, and expectations have switched to the side positive for buyers lately,” Yelena Kozhukhova, analyst at Veles Capital, said.

Kozhukhova also said that oil major Lukoil gained 3.46% to 6,996.50 rubles for Thursday was the last day the shares traded with dividends.

Shares of power utility Wholesale Generating Company-2 (WGC-2) and diamond mining giant ALROSA were the loss leaders falling by 6.36% to 0.735 rubles and 6.08% to 125.61 rubles, respectively, due to the dividend cut-offs, she said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Rosneft	+1.19	578.00	19.503
Gazprom	+0.64	283.60	13.627
Lukoil	+3.46	6996.50	9.306
ALROSA	-6.08	125.61	8.658
Sberbank	-0.31	305.51	5.855

(72.7234 rubles – U.S. $1)

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