Australian (ASX) Stock Market Forum

Russian stock market opens March 24 2022 first time since start of war


The ruble-based MOEX Russia index edged up to 3,192 on Friday, reversing a slight decline in the previous session, helped by higher oil prices, as tensions heated in the Middle East war.

Meanwhile, investors also digested Putin's comments on the capital controls, the impact of the sanctions introduced against persons buying Russian oil at prices above the G7 cap, and the country's shrinking trade surplus.

Among individual stocks, Ros Agro (3.1%), Yandex (2.2%), Rosneft (1.6%), and Poymetal (1.6%) were the main gainers.

By contrast, NLMK and Moex decreased, down by 0.9% and 0.7%, respectively.

On the week, the index rose by 1.5%.


MOEX 12 MONTH CHART

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MOEX DAILY CHART

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The ruble-based MOEX Russia index rose to 3,234 on Monday, helped by gains in oil & gas sector and consumers.

Meanwhile, investors continued to monitor movements in global commodities and ruble amid introduced capital controls and war in the Middle East.

At the time, Russia enforced 43 companies to swap 80% of their foreign currency revenues for rubles, as the country is struggling with escalating inflation.

Among single stocks, Ros Agro (3.8%), VTB (2.6%), and Polymetal (2.5%) drove the increase.


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The ruble-based MOEX Russia index rose to 3,247 on Tuesday, advancing for the third session, supported by relatively high oil prices. Among sectors, transport, financials, and telecommunications led the gains.

As for the single stocks, Rostelecom increased the most, up by 3% on the day its board of directors recommended paying dividends for 2022.

Also, MKB and VTB advanced by 2.2% and 1.8% after the Ministry of Finance informed it had no plan to withdraw excess profits from banks by changing the tax base and would be using the increased dividends instead.

Conversely, the largest losses came from Positive Group (-4.3%) and Ros Agro (-2.5%), with the former being punished by company's decision to launch a large-scale program to motivate personnel and partners by transferring shares to them.

On the political front, investors continued to monitor the war in the Middle East and Venezuela deal since it could greatly influence the path of commodities.

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The ruble-based MOEX Russia index closed flat at 3,249 on Wednesday, holding the strong momentum from prior sessions as markets continued to assess commodity demand from Russia’s key trading partners and the impact that the country’s fiscal situation may have on corporate performance.

Oil producers led the gains in the session and offset losses for other key sectors, tracking a sharp increase in global benchmarks and some renewed narrowing between Urals and Brent contracts.

The Bank of Russia stated that output from Venezuela and Iran, which are exempt from the OPEC quotas, are expected to slow, thus increasing the impact of Russia’s production and export cut.

Rosneft, Transneft, and Lukoil all jumped 1.2% to set the pace for the sector, while Surgut added 1%.

On the other hand, Rostelecom dropped nearly 2% as investors reacted to its dividend announcement, while Alrosa sank 5% on its ex-dividend date.

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The ruble-based MOEX Russia Index was 0.3% lower at 3,240 on Thursday, halting a four-session win streak as markets digested the latest corporate news and assessed dynamics for resource demand from Russia’s top trading partners.

Oil producers were the main laggards after leading the gains yesterday, tracking the decline in global crude oil benchmarks with Bashneft dropping 1% while pipeline operator Transeft fell 0.7% after releasing reports in Russian Accounting Standards.

MMK was also in the spotlight, dropping 0.5% after releasing RAS results.

Additionally, Alrosa shares slid 0.6% amid news that the Group of 7 is considering a ban on the import of Russian diamonds among the latest set of measures against the country due to its invasion of Ukraine. .

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The ruble-based MOEX Russia index erased early losses and closed 0.4% higher at 3,269 on Friday, a sixth consecutive increase to reach its highest since Russia's invasion of Ukraine triggered a stock market crash in February 2022.

The strong momentum also marked a sharp contrast with the declines in equity markets across the world, underscoring the disconnect between Russian financial markets and international macroeconomic developments as Western sanctions limited Moscow’s exposure to the foreign backdrop.

Energy producers pared early gains and closed sharply in the green, with Rosneft and Gazprom adding around 1% each.

Metal producers also advanced, with Nornickel, Severstal, EN+, and NLMK jumping between 2% and 0.5%.

On the other hand, Seligdar dropped 2.2% as its board’s dividend recommendations underwhelmed investors. .


MOEX Month Chart
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MOEX Daily Chart
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The ruble-based MOEX Russia index edged down to 3,263 on Monday, pausing the six-day rally, as investors eyed the movement in oil prices and ruble, while anticipating the CBR's meeting on Friday.

Still, the index stayed close to the yearly high, emphasizing the disconnect between Russian and international financial markets due to Western sanctions, which significantly curtailed Moscow's interaction with the global economic landscape. IT and oil & gas sectors posted losses.

Among individual stocks, Positive Group and Polymetal declined the most, down by 2.7% and 2.2%, respectively. In contrast, Unipro (5%), Magnit (2.2%), and Rosseti (1%) drove the gains.

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The ruble-based MOEX Russia index ended flat at 3,263 on Tuesday, as ruble strengthened past 94 per USD mark and caution dominated the market ahead of CBR's decision on Friday, where the regulator is expected to raise its interest rate to 14%.

Consumer goods & services drove the gains, while IT and transport sectors underperformed.

Among individual stocks, Ros Agro (5.6%), Surgut (2.0%), and Magnit (1.5%) rose the most.

Also, M.Video shares increased by 1.5% after the company communicated the 3% advance in its total sales for Q3 2023.

In contrast, VK, GLTR, Rosneft, and Polymetal were the main laggards, down by 1.8%, 1.3%, 1.1%, and 1%, respectively.

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The ruble-based MOEX Russia index closed above flatline at 3,267 on Wednesday, trading in the tight range for the third session amid strengthened ruble, lower oil prices, and risk-aversion approach ahead of CBR's decision on Friday.

Telecommunications and electric utilities gained, while consumer goods and IT sectors were the top laggards.

Among individual stocks, Positive Group, Surgut, Rosseti, MTS, and Novatek advanced, up by 3.2%, 2.2%%, 1.9%, 1.5% and 1.5%, respectively.

The latter has climbed on news about the adopted amendments to the LNG export law, which allows the company to proceed with its Murmansk LNG project.

On the side of losses, Ros Agro (-4.4%), VK (-1.4%), and NLMK (-1.4%) stood out.


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The ruble-based MOEX Russia index closed flat at 3,224 on Friday, paring the earlier gains, as investors digested the central bank's decision to raise its interest rate to 15% against the estimates of 14%.

The top performers of the session were Rosseti (5.6%), Moex (2%), Magnit (1.8%), and NorNickel (1.8%).

Today the latter reported a 78% decrease in its net profit for the 9 months compared to a year ago due to the "paper" effect of foreign exchange expenses.

Meanwhile, losses came from PIK (-2.7%), Ros Agro (-1.9%), and Segezha (-1.9%).

Also, Yandex edged down by 0.2% despite presenting a 54% growth in the yoy revenues for the third quarter of 2023. Weekly, the index closed with no change.


MOEX 12 Month Chart

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MOEX 1 MONTH Cart
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The ruble-based MOEX Russia index dropped to 3,200 on Tuesday, erasing yesterday's gains but paring some of the earlier losses amid slightly eased ruble.

Meanwhile, investors continued to follow movements in oil prices and government's remarks after the latter enforced effective capital controls on Western companies selling their operations in Russia with caps and deadlines on foreign currency transactions.

The main laggards among individual stocks were Ros Agro (-3.2%), GLTR (-2.7%), and Tatneft (-2.5%).

On the other hand, Gazprom, VTB, and Rosseti advanced, up by 0.8%, 0.7%, and 0.6%, respectively. Monthly, the index added 2.1%.

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The ruble-based MOEX Russia index held early gains and closed 0.2% higher at 3,200 on Wednesday, trimming the loss from the prior session as markets continued to assess foreign commodity demand and the impact of Moscow’s capital controls on corporate performance.

Financial stocks led the gains in the session, with TCS Group and Renaissance Insurance adding between 3.4% and 1%.

Oil producers also hovered firmly in the green, with giants Lukoil and Rosneft both adding close to 1.4% to enjoy some respite following this week’s decline in global oil prices.

Also, Mechel closed over 3% after the company announced its coking coal production jumped by 30% in September.

The stock outperformed others in the mining and metallurgical sector as more PMI data underscoring a contraction in China’s manufacturing sector limited the foreign demand outlook for Russian raw materials.

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The ruble-based MOEX Russia index edged down to 3,197 on Thursday, failing to hold to morning gains, as markets reacted to a new package of US sanctions.

The US Treasury Department announced the imposition of sanctions against a number of Russian companies, including the AFK Sistema which lost 2.3% in today's session and SPB exchange which plunged by over 19% and put a halt in its main trading mode until Monday 6th.

Additionally, Segezha and Seligdar declined by 3% and 1.3%, respectively. On the flip side, MOEX (2.2%), X5 Retail Group (1.4%), NorNickel (1.3%), and Rosneft (1.1%) finished in the green.

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The ruble-based MOEX Russia index edged up to 3,208 in a volatile session on Friday, as investors continued to assess the impact of US sanctions and CBR's monetary policy outlook.

VK (4.8%), NLMK (3.5%), Rusal (2.4%) and Moscow Exchange (1.9%) were the drivers of growth.

NLMK shares rose after the company presented positive financial statements for the first half of 2023.

Meanwhile, Rusal benefited from news of Nornickel's dividends.

Today the Board of Directors of Norilsk Nickel recommended a dividend of RUB 915.33 per share, with the yield coming up to around about 5%. In addition, members proposed the issue of a stock split.

On the side of losses, Novatek (-1.6%), Alrosa (-1.1%), PhosAgro (-1%), and Rostelecom (-0.9%) declined the most.

The former was penalized by the imposed sanctions on its Acrtic LNG-2 project. Weekly, the index ended with moderate decline of 0.5%.

MOEX 12 Month Chart
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MOEX Daily Chart
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The ruble-based MOEX Russia index rose to 3,235 in a quiet session on Monday, driven by positive dynamics in oil prices, as the extra voluntary oil output cuts by Russia and Saudi Arabia were extended until the end of the year.

The main leaders of growth were Surgut (2.5%), NLMK (2.3%), En+(2.2%), and VK (2.1%).

NLMK continued its rise after publishing the good RAS report, while VK gained ahead of quarterly accounts presentation later in the week.

On the other hand, NorNickel (-0.9%), Rosseti (-0.7%), and Rusal (-0.5%), and Polus (-0.5%) closed in red.

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The ruble-based MOEX Russia index rose to 3,246 on Tuesday, paring the morning declines and shrugging of the concerns over lower oil prices and raised taxes on gas and condensate.

The index was driven by Ros Agro, which soared by 9.6% after the proposal was forwarded for the draft federal budget for 2024 and the planning period of 2025-2026 to increase the amount of funds for the development of the domestic agro-industrial complex.

Additionally, GLTR, TCS Group, and Magnit advanced strongly, up by 3.9%, 2.3%, and 2.2%, respectively.

On the side of losses, Positive Group (-1.8%), NLMK (-1.2%), and VTB (-0.8%) stood out.

The former has dropped after presenting weak results for the third quarter, particularly the company's revenues increased by only 5% yoy.

Among sectors, everyone finished in red, except of electric utilities.

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The ruble-based MOEX Russia index ended muted at 3,245 on Wednesday, halting the yesterday's modest advance, as investors digested fresh corporate news and assessed the demand outlook for the country's key commodities.

Securities of transport and telecom companies, shares of electric power companies looked better than the market.

While construction, metallurgists, chemicals and IT companies finished in red.

Among individual stocks, Ros Agro (-3.3%), VK (-1.8%), Severstal (-1.1%), and NorNickel (-1.1%) declined the most.

In contrast, gains were recorded by GLTR (1.9%), Alrosa (1.5%), Sberbank (1.5%) and Surgut (1.5%).

The diamond miner rebounded after news broke out that the G7 countries did not agree on a specific decision on sanctions against the export of precious stones from the Russian Federation, while heavyweight Sberbank rose on the statements of its head, Herman Gref, about the expected record figures in 2024.


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The ruble-based MOEX Russia index edged down to 3,239 on Thursday after showing little activity in the previous session, as investors assessed the latest corporate news, central government's remarks, and disappointing data from China.

Shares of electric power and IT companies were the most penalized, while modest increases came from telecommunications.

Among individual stocks, VK (-2.1%), Aeroflot (-1.4%), Segezha (-1.2%), and Severstal (-1.2%) declined sharply.

VK changed its morning trend despite presenting a 37% growth yoy in earnings for the third quarter.

In contrast, Rostelecom (1.3%) went up thanks to a positive reception of accounts.

Meanwhile, PhosAgro advanced by 1.1%, having recommended RUB 291 per share as dividends for 9M 2023.

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The ruble-based MOEX Russia index ended above flatline at 3,242 on Friday, as investors digested economic data and corporate news.

The country's trade surplus came at its highest since December 2022, helped by increased prices for Russian key commodities.

Meanwhile, data after the closing bell showed inflation accelerated to 6.7% in October, the most since February 2023 but matching market estimates.

Earlier, Nabulina, the head of CBR stated that annual inflation will set on downward trend in spring.

Among sectors, transport, electric utilities, and IT posted strong losses, while increases came from oil & gas and financials.

Rosneft (2.8%) and Moex (2.5%) were the top performers, with the former benefitting from dividend news.

Also, heavyweight Sberbank added 1.5% on positive RAS results for the month.

In contrast, Unipro, VK, PIK, and Rosseti were the main decliners, down by 2.3%, 2%, 1.5%, and 1.4%, respectively. Weekly, the index ended 1% higher.


12 Month MOEX

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Daily MOEX Chart
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The ruble-based MOEX Russia index closed higher at 3,248 on Monday, as investors eyed the latest corporate reports, while weighing the inflation outlook.

On Friday, data after the closing bell showed that the country's inflation accelerated to 6.7% yoy in October, matching market estimates but signaling growing price pressures.

Earlier, Nabulina, the head of CBR stated that annual inflation will go up to 7-7.5% by the end of 2023 and start on the downward trend in spring 2024.

Among leaders of increase were Rostelecom (4%), VK (2.6%), Polus (1.7%), MTS (1.7%), and Sberbank (1.5%).

In contrast, declines were recorded by Segezha (-4.4%), Seligdar (-3.4%), and Moex (-3%).

Moex declined after missing the analytics forecasts for the profit in the three months to September, while Segezha was penalized after presenting net losses of RUB -3.2 bn in the same period (-vs RUB 3.9 Q2).

Additionally, Ros Agro turned negative (-2.6%), failing to convince of its positive accounts.


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