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Russian stocks mixed on strong ruble, negative foreign markets

MOSCOW, May 24 (PRIME) -- The Russian stock market closed mixed on Tuesday, as a strong ruble and a fall on the foreign markets affected the MOEX Russia Index negatively, while the RTS index grew due to the national currency trend, analysts said.

The MOEX Russia Index fell 0.36% to 2,293.62, and the RTS index increased 1.60% to 1,273.73.

"The local market was decreasing in the first half of the day. However, this again concerned the ruble-denominated MOEX Russia Index, while the RTS increased due to the continuing strengthening of the ruble," Otkritie Research’s leading analyst Andrei Kochetkov said.

"There were again statements from Germany that an embargo on Russian oil can be approved, but there was no precise date. As for the other factors, the ruble shares were under the pressure of ruble and bad corporate news," Kochetkov said.

Russian President Vladimir Putin signed an order reducing the share of obligatory foreign currency revenue sale by exporters to 50% from 80%, but, according to Kochetkov, the measure made virtually no effect on the market due to a strong ruble.

The oil prices decreased in the morning but then erased the losses. Kochetkov said that the market participants were expecting an ease of the lockdown in Shanghai from June 1.

Veles Capital’s analyst Yelena Kozhukhova said that the Russian market was under the pressure of a negative mood abroad, as the U.S. markets were negative with the S&P 500 losing about 1.1%, as the investors were disappointed with the corporate sector forecasts by Snap. The European markets decreased on weaker than expected business activities reports for May.

According to Kochetkov, the shares of MTS boosted the entire telecommunications sector, growing 3.14%, as the company plans to pay attractive dividends, while the board of directors of Magnitogorsk Iron and Steel Works (MMK) recommended against paying dividends for 2021, which is why the shares decreased 6.13%. Kozhukhova said that Qiwi was among the outsiders, sliding 8.60% after a preliminary decision to pay no dividends due to technical issues.

Developer Samolet Group grew 0.45% after reporting an 80% net profit increase under International Financial Reporting Standards (IFRS) in 2021.

Below are the MOEX Russia Index’ five most active stocks on Tuesday:

Company Change, % Last price, rbl Trading volume, bln rbl
Gazprom +1.06 265.8 13.575
Sberbank +3.47 123.6 5.467
Lukoil -2.67 3942 1.994
Rosneft -2.14 359.2 1.284
Norilsk Nickel +1.06 20010 1.180

(58.2087 rubles – U.S. $1)  


24.05.2022 19:13
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