Russian stocks close mixed as ruble skyrockets again

MOSCOW, Jun 10 (PRIME) -- The Russian stock market closed mixed on Friday as the ruble skyrocketed again in spite of the central bank’s decision to cut the key rate, analysts said.

The MOEX Russia Index fell 0.37% to 2,285.52 and the RTS increased 4.64% to 1,268.83.

“The currency market, where the Russian ruble continues its persistent growth, was in focus today. The central bank softened the monetary policy again, but it had zero impact on the exchange rate of the national currency,” Otkritie Research leading analyst Andrei Kochetkov said.

The central bank cut its key rate to where it was before introduction of Western sanctions as inflation decelerated faster than expected. Another reduction is not guaranteed, even though the forecast for the average rate until the end of 2022 was downgraded, Kochetkov said.

“The Russian stock market didn’t show single dynamics as it felt the downward pressure of the external background and support of the ruble,” Veles Capital analyst Yelena Kozhukhova said.

The foreign stock indices mainly fell as fleeing from risk prevailed. Investors expect toughening of the monetary conditions that should be caused by data on high inflation in the U.S., she said, adding that strengthening of the ruble helped the RTS Index to stay in the green zone.

The preferred shares of oil pipeline monopoly Transneft gained 5.38% to 137,100 rubles and the shares of gold producer Seligdar rose by 2.52% to 49.69 rubles as investors hope that the companies will pay dividends for 2021, Kozhukhova added.

Kochetkov also said that metals giant Norilsk Nickel lost XX% to XX rubles as a dividend cut-off triggered sales.

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

Company	Change, %	Last price, rbl	Trading volume, bln rbl
Gazprom	+0.88	309.20	6.282
Sberbank	-0.11	118.07	3.006
Norilsk Nickel	-4.04	19490.00	1.863
Lukoil	+0.57	3898.00	1.402
Yandex	-0.04	1400.80	0.691

(58.3895 rubles – U.S. $1)

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