Russian stocks strengthen thanks to crude seen above $70 per bbl

MOSCOW, Apr 8 (PRIME) -- The Russian stock market hit new all-time record on Monday in an eighth consecutive session of gains thanks to the Brent oil price breaking though a U.S. $70 per barrel mark first since the beginning of November 2018, analysts said.

The MOEX Russia Index grew 0.75% to 2,560.07 and the RTS rose 1.17% to 1,240.16.

“The Russian stock market managed to reach new all-time record highs despite a mixed external background. Local assets were backed by the fuel market situation with the nearest Brent futures consolidating above $70 per barrel,” senior analyst at Promsvyazbank Bogdan Zvarich said.

Alor Broker analyst Yegveny Kiryukhin added that the Brent oil price is likely to rush to around $73 per barrel.

There are no marks of overheating on the domestic market yet despite a long succession of gains and the dynamics may result from an inflow of non-resident funds, he added.

Veles Broker analyst Yelena Kozhukhova said that the local market was additionally supported by “sanctions fatigue” of U.S. legislators from the anti-Russian sanctions issue.

Bloomberg reported earlier on Monday citing Republican Senator Marco Rubio that tough talk about the need to punish Russia for meddling in the 2016 U.S. election was running into the reality that Congress’s enthusiasm for additional sanctions was waning.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Sberbank	+2.11	232.3	16.292
Gazprom	+1.2	160.5	4.135
Lukoil	+0.07	5826	3.615
Polyus	+0.88	5141	2.125
Norilsk Nickel	+0.11	14348	1.356

(65.4072 rubles – U.S. $1)

End