MOEX Russia, RTS indexes rising by end of trading session, Brent prices up 1.07%

TASS Russian News Agency | Jun 26, 2019 at 5:27 PM

MOSCOW, June 26. /TASS/. Russian market indices ended the trading session on Wednesday with an upward trend. The ruble-denominated MOEX Russia Index rose by 0.77% to 2,775.14 points by the close of business on the Moscow Exchange. The dollar-denominated RTS index added 0.42% to 1,386.63 points.

The dollar rose by 0.25% and climbed to 62.99 rubles. The euro surged by 0.4% to 71.71 rubles by the end of the trading session.

Meanwhile, Brent futures for August 2019 settlement grew by 1.07% to $66.5 a barrel on the London-based ICE.

Urals-Primorsk oil futures with delivery in August 2019 lost $0.8 and dropped to $59.95 per barrel on St. Petersburg’s SPIMEX.

The Russian stock market was able to resume upward dynamics and grew to all-time high values again. Dynamics on the energy market, where Brent added more than 1% on news of declining inventories in the United States, could be the main driver for stock purchases, Bogdan Zvarich from Promsvyazbank says in a comment.

Although the recovery on Wednesday helped the Russian market to bounce back from losses sustained after the correction from the last week, it is nevertheless premature to speak about growth continuation in view of the forthcoming G20 summit, the analyst notes. "Players may take a pause in making investment decisions, and revise portfolios by Monday, with summit results on hand," he adds

The Russian market will continue following the international background until the weekend in absence of local triggers because of higher uncertainty on the verge of the G20 summit, Freedom Finance says. The ruble is supported by growing oil prices after the release of EIA data on the decline of weekly oil inventories and the successful federal loan (OFZ) bonds auction, Alexander Ovchinnikova from Freedom Finance says.

The MOEX Russia Index will be in the range of 2,750-2,780 points on Thursday, Sergei Deineka from BCS Premier comments. The analyst recommends paying attention to data of US GDP for the first quarter and the US index of incomplete sales on the real estate market in May.