Stocks close higher as Russia promises to ship more gas to Europe

MOSCOW, Oct 7 (PRIME) -- The Russian stock market increased on Thursday in spite of an oil price correction, because the European markets increased on promises of more gas shipments, and the U.S. investors were optimistic about the local debt debate postponement, analysts said. 

The MOEX Russia Index grew by 1.35%, and the RTS index increased by 2.17% to 1,853.99.

"By the middle of the trading day, the Russian stock market indices rose following improvement of the mood on the foreign floors," Veles Capital analyst Yelena Kozhukhova said.

The oil prices corrected downwards by 1.0–1.5% after many-year maximums hit earlier on the week, Kozhukhova said.

Dmitry Babin, stock market expert at BCS World of Investment, said that Russian stocks sagged in the morning following the oil market, but recovered as soon as the oil prices hit lows.

Kozhukhova said that the U.S. stock market rose as the S&P 500 futures grew by 1% after the Republicans and the Democrats agreed to postpone discussion of state debt to early December. Besides, a thaw in relations with China emerged, as the leaders scheduled a video-conversation for before the end of 2021.

The Euro Stoxx 50 index grew by 1.7% on the back of expectations of Russian gas supply increase, she said.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	-3.3	368.7	52.707
Sberbank	+1.39	369.36	17.363
Norilsk Nickel	+3.15	22202	9.781
Lukoil	+0.47	7129.5	8.462
Rosneft	-0.35	643.75	6.478

(72.5682 – U.S. $1)

End %%mk/jst%%