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



The ruble-based MOEX Russia index rose to 3192 on Friday, advancing for the third session but the preserving the cautious tone ahead of the publication of country's inflation figures after the closing bell.

Additionally, higher oil prices benefited the market after West struck Houthi military targets in Yemen.

Among sectors, financials, metals & mining, and oil & gas were leading the gains, while construction and chemicals declined.

As for individual stocks, QIWI (6.1%), Surgut (2.9%), MMK (2.7%), Alrosa (2.6%), Polus (2.6%) and Tatneft (1.3%) advanced the most.

In contrast, losses were recorded by Mosenergo (-1.5%), Mechel (-1.4%), and GLTR (-1%). Weekly, the index grew by 1.8%.


MOEX 12 MONTH CHART


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MOEX Daily

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The ruble-based MOEX Russia index closed below flatline at 3184 on Monday, halting three sessions of advances, as strong ruble and lower oil prices weighed on exporters' shares and dampened optimism around cooler-than-expected inflation reading.

The local currency appreciated towards half-year highs, propelled by central bank's FX interventions.

Among sectors, construction and chemicals posted the largest losses, while telecommunications and financials rose.

As for individual stocks, PIK (-1.4%), Lukoil (-1.1%), Mechel (-1.1%), Severstal (-0.9%), and VTB (-0.9%) fell sharply.

On the other hand, Ozon (2.7%), Alrosa (2.2%), GLTR (1.8%), Rostelecom (1.7%), and Yandex (1.5%) increased.

GLTR grew after it became known that AQNIET Capital LLP became the company's largest shareholder, owning indirectly 26.19%.
 

The ruble-based MOEX Russia index dropped to 3179 on Tuesday, closing the second session in negative, penalized by losses in IT, transport, and electric utilities sectors.

The main decliners were TCS (-4.4%), Ozon (-2.7%), GLTR (-2.4%), X5 Retail Group (-1.8%), MosEnergo (-1.5%) and Alrosa (-1.4%).

The latter has taken a hit due to worsened diamond market outlook after De Beers cut their prices by 10% to maintain demand for stones.

Also, Lukoil shares (-0.4%) extended their downward trend on news about the incident with one of the catalytic cracking units at company's NORSI refinery. NORSI is one of LUKOIL's largest and most technologically complex refineries. In 2023, the plant is estimated to have produced about half of the company's total Russian gasoline (110 thousand bpd). The loss of its capacity could cause LUKOIL a decent part of EBITDA (3-5%).

Meanwhile, on the side of gains, construction sector rebounded thanks to Etalon (3.1%) which reported record real estate sales in 2023.
 

The ruble-based MOEX Russia index edged up to 3185 on Wednesday, following two sessions of declines, supported by transport, chemicals, and telecommunication sectors.

Among individual stocks, Ros Agro (3.8%), Rostelecom (2%), MKB (1.9%), and Sovcomflot (1.7%) rose the most.

Rostelecom shares grew after the company reported positive financial results for 2023.

According to Rostelecom's head, over the past six years, the company's revenue has doubled, and by the end of last year exceeded 700 billion rubles.

Additionally, Sberbank advanced by 0.7% on RAS report and Aeroflot increased by 0.9%, driven by the record passenger load percentage of 87.5%, logged in December 2023.

Meanwhile, the losses came from TCS (-2.2%), GLTR (-1.4%), and Alrosa (-1%) TCS has been falling since Tuesday as the company's announcement about possible completion of redomiciliation in Q1 of 2024 stoked fears of an overhang of securities sales stored in foreign infrastructure.
 

The ruble-based MOEX Russia index edged down to 3180 on Thursday, showing muted dynamics over the week, amid the absence of growth drivers and negative trend in the oil prices.

On the macroeconomic front, investors weighed the trade data which showed the smallest trade surplus in four months.

Among sectors, consumer goods and IT drove the losses, while electric utilities and telecommunications recorded timid wins.

As for individual stocks, MKB (-2.4%), Ozon (-2.2%), Surgut (-1.8%), and Magnit (-1.6%) declined.

In contrast, Gazprom (1.5%), Polus (0.9%), and Moex (0.8%) rose, with the former benefiting from colder temperatures.
 

The ruble-based MOEX Russia index dropped to 3166 on Friday, sliding for a second session and showing mixed dynamics over the week, as investors decreased their activity amid light macroeconomic agenda and following the rally that took index to 1-1/2-month highs.

All sectors ended in the red, weighed down by TCS (-1.3%), X5 (-1.2%), Rostelecom (-1%), Yandex (-1%), and Tatneft (-1%).

Meanwhile, gains came from Magnit (1.7%), Positive Group (1.6%), Severstal (1.2%), and Sovcomflot (1.1%), with the former getting an approval from FAS to acquire 33.01% of the Far Eastern chain of Samberi stores.

The acquisition will expand the geography of Magnit's business to all federal districts of Russia.

Also, Seligdar shares rose by 1% after the company reported a 69% increase in its revenues from metals sales in 2023.

Weekly, the index declined by 0.6%.

MOEX 12 MONTHLY CHART

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The ruble-based MOEX Russia index closed above flatline at 3172 on Monday, as gains in the IT and construction sectors outweighed losses in financials and chemicals.

Among individual stocks, VK (4%), Moex (3.6%), X5 (3.4%), Ros Agro (2.2%), and PIK (2.2%) rose the most.

Also, steelmakers Severstal and NLMK increased by over 1% each on dividends expectations.

In contrast, QIWI (-3%), Mechel (02.2%), and Novatek (-1.1%) declined.

The former continued its downward trend from Friday after the company's board recalled the extraordinary shareholders general meeting to approve a tender offer to buy out 10% of QIWI's shares on the Nasdaq.

Meanwhile, Novatek was penalized by news about the fire at its terminal in Ust-Luga.
 

The ruble-based MOEX Russia index closed higher at 3175 on Tuesday, failing to break through the tight range for the second week, as investors took pause ahead of the earnings season and dividends announcements.

They also digested the government's remarks about the potential extension of capital controls. Among sectors, electric utilities, telecommunications and oil & gas drove the gains.

Oil prices rebounded, lending support to exporters shares after the US conducted a second round of strikes in Yemen.

As for individual stocks, Rosseti (3.4%), Ros Agro (2.2%), AFK (1%), Gazprom (0.9%) and Yandex (0.7%) grew the most.

The latter was lifted by news that that Yandex N.V. has become the owner of 99.999% of Yandex LLC.

Meanwhile, Gazprom increased on optimistic forecast for gas demand.

In contrast, Ozon (-1.8%), Mechel (-1.8%), and Alrosa (-1.5%) declined. Mechel has fallen amid rumors of the possible raise of the mineral extraction tax for the coal industry.
 

The ruble-based MOEX Russia index dropped to 3162 on Wednesday after showing muted dynamics in the morning, pressured by the European Union's consideration of the extension of its 13th set of sanctions against Russia to include restrictions on aluminum products.

Among sectors, transport, construction, financials and metals were the most bearish.

As for individual stocks, QIWI (-5.4%), Mechel (-2.3%), GLTR (-2%), VTB (-1.8%), and Alrosa (-1.5%) decreased the most.

The former plunged following Moscow Exchange's decision to move the company's securities to the third listing level.

On the other hand, MosEnergo (1.8%), MKB (1.4%), Novatek (1%) gained.

Novatek was driven by the resumption of loading at the previously damaged terminal in the port of Ust-Luga.

Also, MTS rose 0.8% on news about preparations for the MTS Bank IPO in 2024.
 

The ruble-based MOEX Russia index edged down to 3157 on Thursday, its lowest level in three weeks, weighed down by losses in the transport, electric utilities, and chemicals sectors.

Among individual stocks, X5 (-2.1%), GLTR (-1.4%), Seligdar (-1.1%), NLMK (-1.1%), and Ros Agro (-1%) were the main underperformers.

In contrast, QIWI rebounded by 7.2%, followed by Yandex (4.5%) and Mechel (1.8%).

On the macroeconomic front, the country's producer inflation has slowed in December but remained at historically high level.
 

The ruble-based MOEX Russia index edged up to 3163 on Friday, recouping yesterday's losses but trading in the tight range of 3150-3200 for nearly three weeks amid seasonally lower investors' activity.

Higher oil prices and weakened ruble acted as support factors. Among sectors, IT and construction were leading the gains, while financials dropped the most.

As for individual stocks, Yandex (3.5%), VK (1.9%), Ozon (1.8%), Segezha (1.1%) and PIK (1.1%) recorded the largest increases.

In contrast, QIWI (-1.3%), Novatek (-1.1%), Gazprom (-0.9%), Polymetal (-0.8%), and VTB (-0.7%) dropped. Weekly, the index ended flat.

12 MOEX Chart
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The ruble-based MOEX Russia index rose to 3176 on Monday, starting the week on a positive note, supported by the uptick in commodities and corporate updates.

Urals oil prices prolonged their upward momentum, lifting the outlook for exporters.

Among sectors, IT and electric utilities were leading the gains.

As for individual stocks, RusGidro (4.8%), Rosseti (3.4%), MosEnergo (3.3%), MKB (2.6%), and Yandex (2.5%) rose the most.

The former got an approval from FAS on separation of power grid assets until 2025.

Also, RosAgro shares closed in green since the company presented upbeat operating results for the fourth quarter. Its consolidated revenue before intersegment eliminations amounted to RUB 122.46 billion (+76% year-on-year).

In contrast, Positive Group (-1.7%), Mechel (-1.1%), and Surgut (-0.6%) declined.
 

The ruble-based MOEX Russia index rose to 3196 on Tuesday, advancing for the third session but struggling to break out of the tight range of 3150-3200 since January 8th.

The markets focus was on Bank of Russia's press conference in which the lender's head Nabulina hinted at the start of monetary easing in the second half of 2024.

Furthermore, the central lender pledged to begin publishing minutes from its meetings to raise the fiscal policy transparency.

Among sectors, the most gains were recorded by chemicals, IT and metals & mining, while telecommunications and electric utilities edged down.

As for individual stocks, Mechel (5.3%), X5 (4.6%), Yandex (3.6%), and Severstal (2.7%) were the most bullish.

Conversely, Segezha (-2.9%), MosEnergo (-1.6%), and PhosAgro (-1.4%) declined.
 

The ruble-based MOEX Russia index rose to 3,214 on Wednesday, up for the fourth session and reaching its highest level since the end of November, as risk sentiment improved after CBR's head Nabulina hinted at the beginning of monetary easing cycle in the second half of 2024.

Among sectors, largest gains were recorded in oil & gas and chemicals.

As for individual stocks, VK (2.5%), Polus (2.4%), Rosseti (1.7%), and Mechel (1.5%) increased the most.

Also, heavyweights Gazprom and Lukoil advanced by over 1% each.

On the other hand, Polymetal was the main drag, down by 5.1% on the day the company reported its operating results for Q4 which showed a 5% growth in q/q revenues but a decline in yearly terms.

The other underperformers included Severstal (-1.8%), MKB (-1.7%), Aeroflot (-1.5%), and MosEnergo (-1.3%). Monthly, the index rallied by 3.7%.
 
Just saw that article
In french. The Russian economy is booming, salaries are up 13% after taking into account inflation:
Growth of nearly 3%, war economy turned on at full speed, all restricted imports bypassed thru India, China and Turkey now, and western firms there taken over by locals..imagine the opportunities...
Exports and imports levels back to before Ukraine war.
Do not even want to compare with the EU status....
Well deserved IMHO but I value history more than knee jerks alliances😊
 

The ruble-based MOEX Russia index increased for the fifth consecutive session to 3,229 on Thursday, driven by the gains in oil & gas and IT sectors.

Surgut (5%), Yandex (2.5%), NLMK (2.2%), and X5 (1.8%) were leaders of growth.

On the other hand, Polymetal (-2.6%), GLTR (-1.8%), RusGidro (-1.4%), and RosAgro (-1.2%) closed in the red.

Meanwhile, Gazprom shares declined by 0.4%, as investors discarded news about active negotiations between Russia and China about the Power of Siberia-2 gas pipeline.

On the macroeconomic front, the country's S&P Global Manufacturing PMI dropped to 52.4 in January, marking the softest expansion in the sector since last July.
 

The ruble-based MOEX Russia index closed below flatline at 3,226 on Friday, moderating after five sessions of gains, pressured in part by lower oil prices.

Additionally, investors digested fresh corporate updates.

Among main laggards were Severstal (-2.2%), Surgut (-1.6%), Samolet (-1.5%), and VK (-1.4%).

Severstal dropped due to profit-taking as the company presented strong revenues for 2023 and recommended RUB191.51 per share of dividends.

Samolet also published its operating results, with the firm's net profit amounting to 34.3 billion rubles, 23% more than in 2022.

Conversely, Aeroflot (2.7%), PIK (2.3%), and Rosneft (1.5%) advanced. Weekly, the index rose by 2%.

MOEX 12 CHART

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The ruble-based MOEX Russia index closed muted for the second session at 3,226 on Monday, hovering near its highest levels since November 2023, with gains in construction and electric utilities being offset by declines in financials and IT.

Investors also digested remarks of the Russian finance ministry about the return to purchases of foreign currency in the month ahead due to expectations of higher oil and gas revenues.

Among individual stocks, Mechel (2.8%), MosEnergo (2.3%), Rusal (2%), Inter (1.9%), and Novatek (1.7%) increased the most.

Mechel rose after Putin instructed to raise the supply of coal products in the eastern direction by 6%.

Meanwhile, Inter shares advanced on positive financial results.

On the other hand, Yandex plunged by 3.2% after it became known that the Dutch company Yandex N.V. signed a deal to sell Yandex's business for 475 billion rubles to a consortium of private investors.

Also, X5 (-1.5%), QIWI (-1.4%), Samolet (-1.3%), and Surgut (-1.3%) dropped.
 


The ruble-based MOEX Russia index rose by 0.4% to 3,238 on Tuesday, following two sessions of little change, driven by gains in consumer goods, construction and financials sectors.

Among individual stocks, PIK (4%), MKB (2.1%), Yandex (2%), Magnit (1.7%), and Segezha (1.1%) were the top performers.

In contrast, Severstal (-1.4%), Mechel (-1.4%), MMK (-1.2%), QIWI (-1.2%), Novatek (-0.9%) declined.

The former could have been affected by news about the disruption of of the supply of specialized vessels to the LNG plant.

Meanwhile, MMK reported a 68.2% increase in its net profit for 2023 compared to 2022. Even though the figure showed the resilience of the company to high-risk environment, it remained well below pre-pandemic levels.
 
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