On Monday, April 29, trading on the Russian stock market ended with mixed movements in the indices. The week started with the Moscow Exchange index rising by 0.35%, closing in the positive territory at 3478.08 points. The index was supported by the weakening of the ruble and favorable conditions in foreign markets. Meanwhile, the RTS index fell by 0.41% to 1177.42 points.
Among the trading favorites of the day were shares of Surgutneftegaz (+2.26%) and LUKOIL (+1.74%), which rose due to encouraging financial results. LUKOIL’s stock prices were also boosted by news of dividend approval for 2023.
The declining oil prices served as a dampening factor for the domestic market, as the geopolitical risks eased during Israel’s negotiations with HAMAS for the release of hostages and ceasefire in the Gaza Strip. Additionally, US President Joe Biden reaffirmed Washington’s commitment to Israel’s security in a phone call with Israeli Prime Minister Benjamin Netanyahu.
By 8:00 pm Moscow time, Brent oil futures for June delivery were down by 0.95% to $88.65 per barrel, while WTI futures fell by 0.97% to $83.04 per barrel.
In Europe, there was no unified trend in the indices today. The UK’s FTSE 100 rose by 0.09% to 8147.03 points, while Germany’s DAX and France’s CAC 40 decreased by 0.16% to 18131.78 points and 0.29% to 8065.15 points, respectively. Key US stock indices, on the other hand, were growing in anticipation of the Federal Reserve’s rate decision, which will be announced on May 1. The S&P 500 index was up by 0.28% (5114.32 points), Dow Jones by 0.3% (38353.51 points), and Nasdaq by 0.31% (15977.59 points).
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This week is crucial for the US stock market as several economic data releases are expected. Investors will be closely watching the April employment report.
According to analysts from Freedom Finance Global, the technical picture for the S&P 500 index appears balanced. “The RSI indicator is oscillating in the neutral zone. The most likely scenario is consolidation at current levels, but a second wave of correction is not ruled out, especially as long as the S&P 500 remains below 5170 points. We warn of potential traps for the bulls,” the experts note.
On the currency section of the Moscow Exchange, the ruble lost ground against major world currencies. The dollar gained by 0.65% to 93 rubles, while the Chinese yuan strengthened by 0.31% to 12.74 rubles. Meanwhile, on the forex market, the USD/RUB pair rose by 1.43% by 8:00 pm Moscow time, and the EUR/RUB pair increased by 1.2%.