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

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The ruble-based MOEX Russia index dropped by over 1% to 3,212 on Tuesday, penalized by stronger ruble and news about the presentation of the 12th package of sanctions against the country on Wednesday.

The European Commission will likely propose the addition of new individuals to the ban list, new bans on Russian exports (particularly those of diamonds), actions to tighten compliance with the price ceiling for Russian oil, as well as measures to combat the circumvention of sanctions.

The main decliners of the session were Ros Agro (-4.8%), QIWI (-4.1%), Segezha (-3.8%), Seligdar (-3.4%), and Rosseti (-3.3%).

On the other hand, Yandex and GLTR limited the losses, up by 2.6 and 2.2%, respectively.

Several agencies reported that the Yandex parent company, the Netherlands' Yandex N.V., was considering selling all of its Russian assets at once.

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The ruble-based MOEX Russia index edged up to 3,215 on Wednesday, paring the morning losses as ruble eased slightly and investors digested the latest economic data.

The country's GDP has grown by 5.5% yoy in the Q3 of 2023, beating the expectations of a 4.9% rise, preliminary estimates showed.

In other news, European Commission agreed on the 12th package of sanctions which includes a long-awaited ban on Russia diamonds from January 1, as well as the phased implementation of a ban on the import of Russian diamonds processed in third countries.

Among individual stocks, Seligdar (5.2%), Ros Agro (4.2%), Unipro (3.2%), QIWI (2.3%), and Moex (2.2%) reported gains.

In addition, Yandex increased for the second session (0.8%) on the news of the asset segregation.

Meanwhile, Novatek (-1.1%), Rosneft (-0.4%) and Polus (-0.4%) declined.

Yesterday after the close bell Rosneft announced the decision to pay dividends in the amount of 30.77 rubles per share for 9 months of 2023.

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The ruble-based MOEX Russia index dropped to 3,190 on Thursday, paring the yesterday's slight advances, as the environment remained unfavourable, with ruble strengthening and oil prices declining.

Also, the shares of exporters took a hit after European Commission presented new package of sanctions against Russia.

The leaders of decrease were Selidgar (-2.2%), Ros Agro (-2.2%), MTS (-1.9%), and Surgut (-1.3%).

MTS has disappointed the markets after its net profit in the third quarter dropped by 27.1% compared to the same period of 2022.

Conversely, Ozon Holdings (1.4%), Polymetal (1.1%), and VK (0.5%) gained.

Ozon closed higher thanks to a 77% increase in its revenues for the three months to September.


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The ruble-based MOEX Russia index halted early losses and closed 0.5% higher at 3,206, bouncing off the over-one-month low touched in the session as markets continued to assess the outlook for key Russian exporters.

Oil stocks led the mid-session rebound, benefitting from some traction for oil prices worldwide and favorable corporate developments.

The Russian government eased its crude oil export duty despite the country’s precarious fiscal situation, shortly after passing a law to reinstate the full return of damper payments to increase domestic sales.

Surgut added 3% and Rosneft gained 1.5%. Besides increasing the profitability for oil companies, the developments also increase the supply of fuel in domestic markets and combat increasing inflation in the Russian economy, benefiting other sectors.


MOEX 12 Month Chart

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MOEX Daily Chart

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The ruble-based MOEX Russia index closed flat at 3,207 on Monday, holding the slight decline from the previous week as markets continued to assess the outlook for heavyweight Russian commodity exporters Oil companies traded in the red, as strength in the ruble and lingering uncertainties regarding Chinese demand offset some respite for crude oil prices and a series of favorable corporate developments from the prior week.

The Russian government eased its crude oil export duty despite the country’s precarious fiscal situation, shortly after passing a law to reinstate the full return of damper payments to increase domestic sales.

Surgut and Lukoil dropped 1% and 0.5%, respectively.

Strength in the ruble also pressured key miners, driving Mechel, Severstal, and NLMK to drop between 3% and 1%.

On the other hand, banks booked gains with TCS adding 1% and Sberbank edging 0.5% higher.


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The ruble-based MOEX Russia index erased early losses to close 0.3% higher at 3,218 on Tuesday, extending gains for a third session as positive corporate news lifted investors’ appetite for equities.

Tatneft rebounded sharply from early losses to close 3% higher after its board recommended RUB 35.17 for each common and preferred share, resulting in a dividend yield of 5.6% following the RUB 27.54 per share from the first half of the year.

In the meantime, the positive outlook for gold prices amid lower bond yields for major Western economies supported bullion miners traded in Moscow, with Polymetal adding more than 3%.

On the policy front, producer price data due after tomorrow’s closing bell will give more hints on whether the Bank of Russia may extend its aggressive tightening push.


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The ruble-based MOEX Russia index closed 0.4% higher at 3,231 on Wednesday, extending gains for a fourth session.

Sanctions from Western states since Russia’s invasion of Ukraine largely isolated Russia’s economy from the international community and removed Russian exposure to foreign financial markets, but the outlook of strong demand for steel in China supported 1% gains for MMK and Severstal.

In the meantime, both ordinary and preferred Tatneft shares closed in the green, extending yesterday’s 3% jump after the company’s board announced higher-than-expected dividends.

Also, TCS Group added 1% after posting solid profit growth in the third quarter. .

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The ruble-based MOEX Russia index hovered close to the flatline at the 3,230 mark on Thursday, holding the slight gains from the four prior sessions as investors continued to assess the outlook for key commodities that Russia exports.

Oil producers were in the spotlight as markets grasped reports that Saudi Arabia grew dissatisfied with increased oil output from OPEC nations not engaging in cuts, delaying this weekend’s meeting.

Surgut and Lukoil both traded in the red, while Tatneft extended gains for a third session following its dividend announcement on Tuesday.

In the meantime, data released after yesterday’s closing bell showed that Russia’s PPI accelerated to 21.6% in October, strengthening bets that the Bank of Russia may extend its tightening cycle.

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The ruble-based MOEX Russia Index closed below the flatline at 3,219 on Friday as markets digested the latest corporate news and fresh developments over key Russian export markets.
Polymetal shares plunged 15% amid news that it plans a second exchange offer in the Astana International Stock Exchange for shares that were frozen from sanctions against Russian companies.

On the other hand, oil companies and banks closed in the green.

Ordinary and preferred Tatneft shares both added more than 1%, continuing to benefit from the stronger-than-expected dividend announced earlier in the week.

Lukoil also advanced ahead of the OPEC meeting delayed to next week, after Saudi Arabia expressed dissatisfaction over higher oil output from selected nations.

MOEX 12 Month Chart

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MOEX Daily Chart

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The ruble-based MOEX Russia index edged higher to trade above the 3,220 mark on Monday, extending the slight gains from the previous week as markets continued to assess the outlook of essential commodities for the Russian economy.

Gains for oil companies supported the broader index in the session with Bashneft adding 1.5%, while Rosneft and Lukoil edged higher.

Markets await OPEC’s delayed meeting on Thursday after Saudi Arabia expressed frustration that other members’ higher output offset the production cuts from itself and Russia, hence a potential agreement over lower oil output should support the income for the sector.

The developments magnify continuous reports that Russia’s shadow fleet successfully allows the state to dodge the Western embargo and sell oil above the price ceiling of $60 per barrel.

In the meantime, Polymetal surged 11% to rebound from last session’s 15% plunge amid news that it plans a second exchange offer in Kazakhstan for shares frozen by Western sanctions.


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The ruble-based MOEX Russia index recovered from morning losses and closed 0.2% higher at 3,196 on Tuesday, trimming the losses from yesterday as heavyweight companies in the energy sector benefited from the rebound in crude oil prices during the session.

Surgut advanced 1.7% while Rosneft added 1.5%, both reversing from negative trading in morning deals.

The sector extended its volatile momentum since Saudi Arabia delayed this weekend's OPEC meeting.

Saudi Arabia expressed frustration over some members’ higher output levels that offset the supply cuts from itself and Russia, hampering income for the Russian oil sector and consequently, the Russian government’s state finances.

Among other sectors, Polymetal stretched last session’s surge with an 8.4% rally, as investors continued to assess news that it plans a second exchange offer in Kazakhstan for shares frozen by Western sanctions.


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The ruble-based MOEX Russia index held early losses and closed 0.7% lower at 3,173 on Wednesday, extending to a seven-week low as key releases due tomorrow kept investors from taking large positions in the Russian equity market.

Surgut dropped over 1% and Rosneft lost 0.6% to set the pace for the oil sector ahead of the OPEC meeting tomorrow, initially delayed due to Saudi Arabia’s frustration over some members’ higher output levels.

Steady oil production from non-core OPEC members pressure prices in Urals oil exports and offset the impact of Russia’s output and export cuts.

In the meantime, miners also hovered in the red ahead of key Chinese manufacturing data, set to unveil the latest resource demand gauge for Russia’s main commodity customer.

NMLK led the declines among metallurgists with a 1.9% drop.

Also, Polymetal extended its volatile momentum since its secondary offer of frozen shares in Astana, dropping 5%. .

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The ruble-based MOEX Russia index closed 0.2% lower at 3,166 on Thursday, pressured by sharp losses for miners, metallurgists, and banks as investors awaited the outcomes of the OPEC+ meeting released after the closing bell.

EN+, Severstal, and NLK all dropped close to 2% after Chinese manufacturing data for November pointed to another contraction in the period’s activity, hampering the demand outlook for Russia’s main client.

Additionally, BSP fell nearly 3% to lead the declines for financial companies.

Following yesterday’s session, a series of macroeconomic releases backed hawkish calls for the Bank of Russia, including a record-low unemployment rate, to strengthen bets that the central bank may extend its tightening cycle in its December meeting.

Besides tightening financial conditions for the corporate sector, an eventual hike would also strengthen the ruble and reduce revenues for key commodity exporters.

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The ruble-based MOEX Russia index dropped to 3,142 on Friday, extending its declines for the third session, pressured by lower oil prices and the possibility of another rate hike from the central bank after strong weekly inflation reading and manufacturing PMI data supported hawkish rhetoric.

Among sectors, telecommunications and IT took the largest hit.

Telecommunications were penalized by an 8.5% plunge in Rostelecom shares, as the company cleared of its dividends.

The other under performers included Segezha (-4.2%), Seligdar (-3.4%), and Yandex (-3.3%).

Also, Unipro erased earlier gains after publishing a 5% fall in net profit yoy in the nine months to September 2023.

Conversely, wins came from Polymetal (2.5%), Polus (1.4%), and Magnit (0.8%).


MOEX 12 Month Chart
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MOEX Daily Chart
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The ruble-based MOEX Russia index fell to 3,114 on Monday, extending its bearish streak for the fourth session and touching the lowest level since the end of September under the pressure of cheaper oil and ahead of the central bank's meeting next week.

Transport, consumer goods, and electric utilities sectors were among the worst performers.

As for individual stocks, QIWI (-4.8%), Unipro (-4%), Positive Group (-2.7%), GLTR (-2.4%), and VTB (-2.2%) dropped the most.

Conversely, Polymetal (3.7%) and Alrosa (1.3%) recorded gains, fueled by a rally in gold.

Also, Severstal added 1.8%, and Moex advanced by 1.2%.


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The ruble-based MOEX Russia index rose to 3,129 on Tuesday, paring the morning losses and breaking the four sessions of declines, supported by an uptick in oil prices after Russia stated that OPEC+ is considering deeper output cuts in the first quarter of the next year.

The transport and oil & gas sectors were leading the gains.

Among individual stocks, GLTR (6.2%), Sberbank (2.3%), Novatek (2.2%), and Unipro (2.2%) increased the most.

On the other hand, Seligdar (-1.7%) and Rostelecom (-1.4%) declined.

Also, Lukoil slid after announcing the approval of dividends in the amount of RUB 447 per ordinary share for the 9 months of 2023.

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The ruble-based MOEX Russia index fell to 3,080 on Wednesday, resuming the downward trend, weighed by the fears of another rate hike by the central bank at December meeting amid further depreciation of ruble.

Investors also digested the latest corporate news and followed the movement in commodities.

The telecommunications and transport sectors were the main laggards.

Among individual stocks, Surgut (-3.8%), Sberbank (-3.7%), and VTB (-3.5%) suffered the largest losses.

Today Sberbank presented its 3-year strategy, planning to allocate 50% of its profits to pay dividends.

Capital adequacy is expected to be above 13.3% and return on equity is above 22%.

The lender will also focus on the implementation of the AI technologies.

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The ruble-based MOEX index fell to 3,073 on Thursday, paring some of the morning declines but remaining at over-2-month lows due to losses in the consumer goods and IT sectors.

On the other hand, strong gains came from transport and telecommunications.

As for individual stocks, RusGidro (-1.4%), Magnit (-1.4%), Ozon Holdings (-1.4%), Ros Agro (-1.2%), and NLMK (-1.1%) dropped the most.

In contrast, GLTR (4.2%), Alrosa (2.6%), NorNickel (2.3%), VTB (2.3%), and Gazprom (2.3%) increased.

Alrosa benefited from higher sales in the US ahead of Christmas season, while NorNickel rebounded after shareholders approved the dividends for 9 months of 2023.

Simultaneously, VTB's representative Kostin projected good financial results for VTB by the end of 2004, and Gazprom's Chairman of Board stated that changes in debt ratios wouldn't affect the lender's dividends policy.

On the political front, the Federation's Council unanimously resolved to hold presidential elections in Russia on March 17, 2024.

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The ruble-based MOEX Russia index closed 0.2% higher at 3,080 on Friday, halting the downward momentum from the week that lowered Russia’s benchmark equity index to over two-month lows, as markets continued to assess the outlook for key Russian export sectors and their impact on the country’s capital flows and fiscal health.

Crude oil benchmarks advanced nearly 2.5% on the session, lifting Tatneft by 1.6% while Lukoil and Surgut added nearly 1% each.

Besides lifting shares in Russia’s key oil sector, higher oil prices support capital flows into the country and lift budget revenues for the Kremlin, reducing extraordinary taxes for other sectors of the economy as Moscow finances its invasion of Ukraine.

On the other hand, miners, metallurgists, and banks booked losses.

Investors awaited key inflation data due after the closing bell for hints on the CBR’s incoming policy decisions.

12 Month MOEX Chart
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Daily MOEX Chart
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The ruble-based MOEX Russia index dropped to 3,026 on Monday, resuming the downward trend, as investors took caution ahead of CBR's policy meeting on Friday and assessed the latest inflation report.

The country's annual inflation rate rose to 7.5% in November from 6.7% in October, marking the highest reading since the fade-away of base effects from Russia's invasion of Ukraine in February of 2023 and supporting the case for more tightening from the central bank.

Meanwhile, markets remained uncertain about the regulator's upcoming decision, with the majority pricing in a 100 bps hike.

On the corporate front, Seligdar (-5.4%), Ozon Holdings (-5.4%), Ros Agro (-5.3%), and Yandex (-4.8%) were the main laggards.

Additionally, heavyweights Sberbank (-3.1%), Lukoil (-2.2%) fell, with the former being penalized by disappointing financial results for November.

Meanwhile, Gazprom advanced by 2.3% on expectations of dividends.

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