Retired many years ago
- 19 July 2006
The ruble-based MOEX Russia Index erased early losses and closed 0.7% higher at 2,150 on Wednesday, notching its third session in the green with support from energy and tech stocks as investors awaited domestic inflation figures to be released shortly after the closing bell. Tatneft shares...
The MOEX Russia Index reversed early losses to close higher at 2,227, rebounding from yesterday’s drop as investors continued to assess the outlook for the Russian economy and the CBR’s guidance.
Weekly CPI data pointed to the first increase in consumer prices since May, easing expectations of further rate cuts by the central bank.
Still, the tech sector pared steep losses and closed sharply higher, with Yandex and M Video gaining 3.5% and 5.5%, respectively.
Despite the stronger ruble, the rebound in commodity prices lifted mining stocks, led by Polymetal and Petropavlovsk.
In the meantime, Gazprom added 1.3% as investors continued to assess the outlook of gas supply to Europe.
Last week, the state-backed giant cancelled dividend payments from a record-setting 2021, plunging nearly 40% and sending the MOEX index into 2-month lows.