Russian Stocks Soar on Positive Corporate News and Rising Oil Prices

Strategic Insights -

Russian stocks experienced a significant surge on Thursday, fueled by positive corporate results and increasing oil prices. The RTS index rose 2.83% to 1001.3 points, while the MICEX jumped 6.05% to 1046.46 points. Several major Russian companies saw significant gains, including Tatneft, Sberbank, Gazprom, and Lukoil.

Key Takeaways:

  • The RTS index grew 2.83% to 1001.3 points on Thursday, while the MICEX shot up 6.05% to 1046.46 points.
  • Tatneft shares rose 10.3%, Sberbank shares rose 7.6%, and Gazprom shares rose 7.1% on the MICEX.
  • Oil prices also rose, with WTI oil prices growing 4.7% to $66.3 per barrel and Brent oil rising 5.3% to $70.04 per barrel.
  • Several major Russian companies, including Polyus Gold, VTB Bank, MMC Norilsk Nickel, and Rosneft, saw significant gains, with their shares rising between 5.1% and 6.6%.
  • The Russian market opened with growth in response to positive trends seen late yesterday on Asian markets, which were on an upswing following the release of positive corporate financial results.
  • U.S. markets also opened with a rise in stock prices and were further bolstered by the release of more favorable corporate news.

Statistics:

  • The RTS Classic Market trading volume totaled $6.65 million on Thursday.
  • The RTS Standard turnover was $356.698 million, and the MICEX volume was 67.885 billion rubles.
  • The top traded company on the MICEX was Sberbank, with a turnover of 23.056 billion rubles.

Sources:

  • Interfax. (July 30). Russian stocks soar on positive corporate news, rising oil prices.