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


The ruble-based MOEX Russia index closed near the flatline at 3,300 on Tuesday, following four days of gains, as investors took a breather and awaited more corporate announcements.

Construction sector was driving the increase, while transport, IT, consumer goods, and financials declined.

Among individual stocks, PIK (3.9%), Seligdar (1.4%), MosEnergo (1.1%), and Severstal (0.7%) rose the most.

Additionally, X5 extended its positive momentum from yesterday after the company made it into the list of economically significant organizations (ESOs).

In contrast, Polymetal (-2.1%), Ozon (-2.1%), Yandex (-1.6%), Polus (-1.5%), and Rosseti (-1.1%) dropped.

The former announced the successful first tranche of the exchange of shares blocked by NSD for securities issued in Astana.

Also, MTS slid by 0.3% despite presenting positive Q4 results.

On the macroeconomic front, Russia's private sector activity expanded at the weakest pace in 13 months in February 2024.
 

The ruble-based MOEX Russia index edged up 3,310 on Wednesday, breaking the muted trend in the morning, driven by increases in construction and metals & mining sectors.

Also, Russian ruble pared some of its gains, taking the pressure of exporters shares.

Among individual stocks, Polus (3.4%), Novatek (2.8%), Seligdar (2%), RusGidro (1.6%), and NLMK (1.5%) rose the most. Polus and NLMK advanced thanks to the rally in metals.

Meanwhile, RusGidro increased on positive quarterly results. The company's net profit amounted to RUB 32.1 billion (+66.1% year-on-year) amid the restoration of water levels and generation of hydroelectric power plants in Siberia.

On the side of losses, X5 (-1.4%), Yandex (-1.3%), Positive Group (-1.1%), Moex (-0.8%), and Mechel (-0.7%) were the main laggards.

Yandex received an approval for restructuring from Government Commission for the Control of Foreign Investments in Russia but the volatility in shares prevailed ahead of tommorrow's shareholders meeting.
 

The ruble-based MOEX Russia index closed flat at 3,315 on Thursday, struggling for a direction and showing little dynamics over the week, as the market sentiment was pressured by the uncertain timing of CBR's monetary easing and strong ruble.

Chemicals, IT, and communications sectors recorded increases, while transport sector underperformed.

Among individual stocks, losses came from Polymetal (-2.9%), RusGidro (-1.1%), Samolet (-0.9%), and Polus (-0.9%).

Polymetal shareholders have approved the sale of Russian assets to Mangazeya Mining.

In contrast, Positive Group (4%), X5 (4.1%), Moex (1.4%), Rostelecom (1.2%) and PIK (1.1%) advanced.

Meanwhile, Yandex ended marginally higher (0.2%) on the day it held meeting on restructuring.
 

The ruble-based MOEX Russia index closed flat at 3,315 on Thursday, struggling for a direction, as the market sentiment was pressured by the uncertain timing of CBR's monetary easing, strong ruble and limited activity ahead of a holiday.

Chemicals, IT, and communications sectors recorded increases, while transport sector underperformed.

Among individual stocks, losses came from Polymetal (-2.9%), RusGidro (-1.1%), Samolet (-0.9%), and Polus (-0.9%).

Polymetal shareholders have approved the sale of Russian assets to Mangazeya Mining.

In contrast, Positive Group (4%), X5 (4.1%), Moex (1.4%), Rostelecom (1.2%) and PIK (1.1%) advanced.

Meanwhile, Yandex ended marginally higher (0.2%) on the day it held meeting on restructuring.

Over the week, the index added 1.5%.

12 MONTH MOEX CHART

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The ruble-based MOEX Russia index closed muted at to 3,320 on Monday, losing some of the morning steam, metals and miners gave back gains and chemicals & electric utilities sectors declined.

Among individual stocks, QIWI increased the most, up by 13.1% on the backdrop of an extraordinary meeting of shareholders on the launch of buyback program.

Also, Segezha (1.8%), Mechel (1.8%), GLTR (1.5%), Polymetal (1.5%), and Severstal (0.8%) advanced.

Mechel rose after announcing its coking coal production and sales volumes surged by 69% year-on-year in January.

On the negative side, Yandex (-1.5%), Rosseti (-1.3%), and NLMK (-1.2%) underperformed.
 

The ruble-based MOEX Russia index edged up to 3,332 on Tuesday, driven by rebound in the oil & gas and metals & mining sectors.

Among individual stocks, Rosneft (5.8%), Mechel (3.4%), AFK Sistema (2.3%), Novatek (1.7%) and Gazprom (1.4%) increased the most.

In contrast, QIWI (-7.5%), M.Video (-5%), Renaissance Insurance (-2.1%), Seligdar (-1.6%), Polymetal (-1.4%), and Yandex (-1.3%) declined.

QIWI dropped after its Board of Directors didn't approve the shares buyback program, while M.Video and Renaissance Insurance failed to convince investors of their financial accounts.

Also, Lukoil slid by 0.3% amid news of temporary suspension of operation at one of the units in Kstovo city due to the drone attack.

On the geopolitical front, European Parliament adopted a law criminalizing the circumvention of sanctions against the Russian Federation.
 

The ruble-based MOEX Russia index dropped to 3,297 on Thursday, declining for the second session, as investors digested hotter-than-expected CPI data and the remarks of CBR's officials.

The central lender hinted that the monetary policy might have to remain hawkish longer to ensure the stability of the exchange rate and a retreat in price pressures.

Inflation is now anticipated to peak in the Q2 of 2024.

Weighing on the risk sentiment further, the country braced for the 2-day presidential elections which start on Friday.

On the corporate front, all sectors closed in the red.

Among individual stocks, the most penalized values were PIK (-2.3%), Aeroflot (-2%), Unipro (-1.8%), Sovcomflot (-1.8%) and Segezha (-1.7%).

Additionally, heavyweights Sberbank and Lukoil lost around 1% each. In contrast, Rosneft (0.6%) and Yandex (0.5%) advanced.
 

The ruble-based MOEX Russia index closed muted at 3,300 on Friday, following two sessions of declines, as investors refrained from making big decisions amid presidential elections, which will take place until March 17th.

On the corporate front, the main gainers were GLTR (3.2%), Rostelecom (2.1%), Ozon (1.9%), NLMK (1.8%), and Yandex (1.1%).

Also heavyweight Sberbank added 0.9%. On the other hand, Tatneft (-2.9%), RosGidro (-1%), Polymetal (-0.9%) declined.

The former presented a 1.2% increase in its net profit for 2023 but failed to meet the analysts consensus.

Additionally, Rusal dropped by 0.4% after publishing an 84% plunge in its net income to $282 million in the year.

Over the week, Russian index lost 0.5%.

12 Month MOEX Chart

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The ruble-based MOEX Russia index edged lower to 3,296 on Monday, following the muted close on Friday, as risk sentiment was pressured by prospects of prolonged monetary tightening by CBR.

This week, the central lender will decide on its monetary policy, with analysts expecting interest rates to remain at current levels.

On the other hand, the downturn momentum was limited since president elections brought no suprises.

On the corporate front, the main decliners were Polymetal (-2.2%), PIK (-1.6%), VTB (-2.5%), Tatneft (-1.3%), and Moex (-1.1%).

Tatneft shares dropped after the company revealed a 22% plunge in its net profit for the second half of 2023 to $1.5 billion, below the consensus.

Also, TCS closed flat amid the resumption of trade after redomiciliation. In contrast, VK (1.9%), Yandex (1.8%), and Ozon (1.5%) advanced.
 

The ruble-based MOEX Russia index dropped to 3,264 on Tuesday, after showing muted dynamics in the previous two sessions, as investors avoided making big decisions amid the absence of macroeconomic references and ahead of CBR's policy meeting this Friday.

The declines in oil & gas, electric utilities, and communications sectors offset gains in the IT.

As for individual stocks, Rosneft (-3.6%), Rosseti (02.7%), Tatneft (-2.4%), and Aeroflot (-2.4%) were the key laggards.

In contrast, TCS (4.7%), Yandex (3.1%), Positive Group (2.2%), and X5 (2%) rose.

Yandex shares benefited from upbeat operating results of its cloud platform. The division's revenue increased 1.7 times to 13.3 billion rubles and the user base expanded 1.2 times to 29.3 million.

On the geopolitical arena, the European Union was preparing to levy tariffs on grain imports from Russia and Belarus to placate farmers and some member states.
 

The ruble-based MOEX Russia index closed almost flat at 3,267 on Wednesday, unable to pare back yesterday's losses triggered by France's statement about sending military help to Ukraine and authorities' decision to ease financial barriers for non-residents, namely remove from the scope of the Presidential Decree of August 5, 2022 mutual investment funds (UIFs), the assets of which include shares of Russian strategic enterprises in the financial and fuel and energy sectors.

Also, caution dominated the markets ahead of CBR monetary policy decision on Friday since inflation was cooling slower-than-expected and the situation on labor market remained constrained.

On the corporate front, the largest wins came from Rostelecom (4.8%), Yandex (3.2%), and Alrosa (2.8%).

Also, Transneft advanced by 1.5% after publishing a 20.7% growth in its net profit for 2023. In contrast, TCS (-3.6%), PIK (-2.4%), RusGidro (-1.6%), Surgutneftgas (-1.6%), and Rosneft (-1.6%) declined.
 

The ruble-based MOEX Russia index rose to 3,286 on Thursday, rebounding from yesterday's muted session, lifted by gains in the consumer goods, transport and metals & mining sectors.

Among individual stocks, AFK Sistema (3.4%), Severstal (3.3%), MMK (1.4%), Segezha (1.4%), and X5 (1.4%) increased the most.

Also, Rosneft closed in the green after announcing the consideration of a buyback shares program.

Meanwhile En+ and Rosneft added 0.8% and 0.5%, respectively, despite presenting poor financial results.

En's net profit plunged by 61.2% year on year in 2023, affected a fall in aluminum prices.

Simultaneously, VK's net losses increased to 34.3 billion rubles vs. 3.9 billion rubles in 2022 and the company's EBITDA came below estimates.

On the negative side, TCS (-2.9%), Polymetal (-2.8%), Rosseti (-2.3%), and Yandex (-1.9%) dropped.
 

The ruble-based MOEX Russia index edged down to 3,273 on Friday, giving back morning gains, as investors weighed the CBR's monetary decision.

The country's central lender held the key interest rate at 16%, as expected but warned interest rates would have to remain elevated longer since inflation risks remain high amid labour market crisis and robust domestic demand.

Analysts now see the chance of a first interest rate reduction no sooner than June.

On the corporate front, VK (-3.4%), Segezha (-2.4%), Polus (-1.4%), and Rosneft (-1.1%) were the most bearish, with Segezha suffering a hit after the company reported its net loss grew to 5.5 billion rubles in 2023.

Addtionally, Lukoil and X5 closed in the red due to unfulfilled dividend expectations.

Lukoil's Board of Directors recommended final dividends for 2023 in the amount of 498 rubles compared to the consensus of 686.4 rubles.

On the side of wins, Moex (1.3%), Surgut (1.1%), and Yandex (0.6%) rose.

Weekly, the index dropped by 0.8%.

12 Month MOEX Chart
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The ruble-based MOEX Russia index closed above the flatline at 3,281 on Monday, rebounding from morning losses, driven by strong gains in the IT sector.

Among individual stocks, PIK (4.4%), Positive Group (3.8%), AFK Sistema (3.6%), Severstal (3.6%), and Nornickel (3.1%) increased the most.

Pik recouped earlier declines despite firing its CEO and renouncing the dividend payment for 2023.

In contrast, Etalon (-7.3%), PIK (-2%), Segezha (-2.9%), Sovcomflot (-1.1%), MosEnergo (-0.9%), and Tatneft (-0.8%) dropped, with the former being penalized by weak financial accounts.
 

The ruble-based MOEX Russia index closed muted at around 3,285 on Tuesday, as the exporters shares lost support from higher oil prices.

The gains in the IT, transport and telecommunications sectors were offset by declines in chemicals, oil & gas and construction.

Among individual stocks, Seligdar (3.9%), MosEnergo (2.1%), Rosseti (2.1%), MTS (2%), Rostelecom (1.5%), and VK (1%) advanced.

The last three rose after news broke out about the possible purchase of domestic operating system developers, such as Astra Group, by largest IT companies.

Also, AFK Sistema recorded wins, continuing its rally amid expectations of the IPO of its subsidiaries - MTS Bank and Element Group of Companies.

Meanwhile, Novatek (-3.7%), EN+ (-1.4%), and Surgut (-1.2%) dropped, with the former closing its dividend register.

At the same time, Gazprom decreased by 0.4%, despite acquiring Shell's 27.5% stake in the Sakhalin 2 LNG project.
 

The ruble-based MOEX Russia index edged up to 3,296 on Wednesday, showing little change over the week, as investors continued to assess geopolitical risks since attacks on energy facilities persisted and sanctions from EU caused delays in payment for crude and fuel from China, UAE and Turkey.

The IT and financials sectors recorded the largest wins. Among individual stocks, AFK Sistema (4%), Samolet (2.7%), PIK (1.9%), Aeroflot (1.8%), and Moex (1.8%) advanced.

Samolet and PIK grew on news about the simplification of mortgage lending conditions for developers from Sberbank.

Also, Samolet announced budgeting 5 billion rubles for the payment of dividends to shareholders for 2024.

In contrast, MosEnergo (-1.4%), Mechel (-0.8%), Novatek (-0.7%), and EN+ (-0.7%) dropped.
 

The ruble-based MOEX Russia Index increased to 3,363 on Monday, extending the gains from the previous week amid pre-dividend season.

The largest wins were recorded by transport, chemicals, and consumer goods sectors.

Among individual stocks, the positive momentum was led by AFK Sistema (6.1%), GLTR (5.8%), Aeroflot (5.6%), and Surgut (5.3%).

The former rose in anticipation of quarterly results publication, while Aeroflot shares were boosted by the growth in tariffs for economy class flights in January by 34-42% in annual terms and an increase in passenger traffic in the 4th quarter.

Simultaneously, miners Seligdar, Polus, and Mechel added over 3% each, driven by high gold prices.

In contrast, X5 (-6.4%), PIK (-1.5%), Severstal (-0.7%), and NLMK (-0.7%) declined.

Today was the last day of trading of X5 shares before the split.

Severstal fell on news about the halt of activity of the largest blast furnace at the Cherepovets Iron and Steel Plants due to major repairs.
 

The ruble-based MOEX Russia Index closed muted at 3,371 on Tuesday after recording its highest level in over-two-years in the previous session, as investors took a breather in anticipation of dividends and more market drivers.

The transport, electric utilities, and miners & metals sectors posted the biggest wins.

Among individual stocks, GLTR (7.7%), Polymetal (5%), Polus (3.6%), Gazprom (2.5%), Inter (1.9%), Alrosa (1.6%), and Moex (1.6%) were the top performers.

Polymetal and Polus extended their rally amid record high gold prices.

However, Novatek (-2.8%), AFK Sistema (-2.4%), and Yandex (-2.2%) declined.

Novatek shares dropped after it became known the company cut sharply its gas output at Arctic LNG 2 project.
 

The ruble-based MOEX Russia Index rose to 3,395 on Wednesday, following the muted session and hovering at its highest level since before the war, as increased oil prices and stabilized ruble supported exporters shares.

Also, miners continued to benefit from a rally in metals.

Among individual stocks, Rusal (6.1%), Aeroflot (4.3%), Polymetal (3.5%), MKB (3.5%), AFK Sistema (3.3%), and EN+ (3.1%) rose the most.

Also, Sberbank and VTB advanced by 2% and 0.9%, respectively, after Prime Minister Mishustin proposed making dividends a tool for redistributing bank profits.

In contrast, GLTR (-2%), Ozon (-1.4%), Alrosa (-0.9%), Inter (-0.9%), and Tatneft (-0.8%) declined.

On the macroeconomic front, traders digested the decision of Russia's finance ministry double its purchases of foreign currency and gold in the month ahead, a move that combined with central bank selling will bring the state's net forex interventions overall close to zero.
 

The ruble-based MOEX Russia Index edged up to 3,407 on Thursday, closing in the green for the ninth session, as investors continued to weigh the commodities outlook and digested strong GDP figures released after the closing bell.

Elevated oil prices lent support to exporters' shares amid the escalation of Middle East tensions and the preserved OPEC+ production cuts policy.

Among individual stocks, Rusal was the most bullish, up by 4.8% on higher aluminum cost.

Also, Rosseti (4.2%), Ozon (2.5%), EN+ (2.2%), and VTB (1.9%) posted solid gains.

Meanwhile, Novatek added 1.6% after the company announced with the authorities the allocation of 24.3 billion rubles for the development of equipment for LNG and MMK advanced by 1.3% thanks to prospects of dividends.

On the side of losses, Aeroflot (-2.6%), Positive Group (-2.2%), VK (-1.8%), and Ros Agro (-1.8%) stood out.
 
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