Russian stocks rise on growing oil, hopes for US sanctions ease

MOSCOW, Jul 23 (PRIME) — Russian stocks increased on Monday backed by growing oil prices and hopes for a removal of the U.S. sanctions from aluminum producer UC RUSAL, analysts said. The MOEX Russia Index rose 0.60% to 2,261.25 and the RTS increased 1.38% to 1,129.92. “The MOEX Russia Index and the RTS Index remained on the positive territory by the end of trading on Monday, but moved from the highs of the day,” Veles Broker analyst Yelena Kozhukhova said. The ruble appreciated against the dollar and euro, she added. “Moods (on the Russian stocks market) were supported by news about S&P confirming Russia’s ratings, as well as hopes for an abolishment of the U.S. sanctions against Russian companies,” Kozhukhova said. Trading in the U.S. opened with a decline of main indices, and moderately pessimistic moods prevailed on European floors, she said. Oil prices were gaining less than 1% receiving support from uncertainties around Iran and a decreased number of drilling units in the U.S. RUSAL jumped 7.91% on the news that the U.S. expects to find an acceptable solution to remove sanctions from the company. National top lender Sberbank was among growth leaders, with common and preferred shares gaining… Read full this story

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