Russian stock indices MOEX, RTS up 1.24%, 1.88% by end of trading on Wednesday

TASS Russian News Agency | Jun 3, 2020 at 6:48 PM

MOSCOW, June 3. /TASS/. The Russian stock market continued recovering on Wednesday amid a revival of economic activities. By the end of trading session the MOEX index went up by 1.24%, to 2,831.08 points, the RTS index climbed by 1.88%, to 1,301.88 points.

As of 7:12 pm Moscow time, the cost of futures for Brent crude oil with settlement in August 2020 decreased by 1.27% to $39.09 per barrel on the ICE Exchange in London, after exceeding $40 per barrel in the morning.

The dollar-to-ruble exchange rate decreased by 0.32%, to 68.513 rubles, the euro-to-ruble increased by 0.45%, to 77.05 rubles.

According to Bogdan Zvarich, chief analyst at Promsvyazbank, the dynamics of the Western stock exchanges, which showed steady growth, encouraged purchases of shares of Russian companies.

"In the evening, the main stock indices in Europe added up to 4%, and in the USA after the first hours of trading, the Dow Jones and S&P500 climbed by 1.5% and 1.2%, respectively," he explained.

The released statistics also contributed to positive sentiments on the market, Alexander Bakhtin, investment strategist at BCS Premier says. The Caixin services business activity index in China rose to 55 points in May from 44.4 points in April, while US private sector employment declined by 2.76 million last month, according to an ADP report, while by a 9 million decline was anticipated.

In turn, oil prices remained around $39 per barrel in anticipation of confirmation of the extension of the OPEC+ oil production cut deal, as well as amid some reduction in tension between Washington and Beijing and signs of economic recovery in major economies, the expert adds.