Russian stocks edge down on ruble growth, oil price fall
MOSCOW, Nov 29 (PRIME) -- The Russian stocks fell on Wednesday because the ruble growth undermined the market at a time when the oil prices fell, analyst said.
The MOEX Russia Index fell by 0.71% to 3,173.52 and the RTS slipped by 0.05% to 1,128.01.
“The Russian stock market contracted on Wednesday. The ruble strengthening and a mixed external background defined the movement of the ruble-denominated index,” Otkritie Research expert Andrei Kochetkov said.
The ruble has been rising since opening of the trade with seasonal demand from importers possibly creating conditions for a new but weak ruble strengthening at the end of December, Kochetkov said.
He also said that the shares of aquaculture company Inarctica lost 4.1% to 901.50 rubles after the company had set the placement price of its secondary public offering at 900 rubles per share, the lower range of a 900–968.50 ruble guidance, he said.
Freedom Finance Global leading analyst Natalya Milchakova said that the Brent oil price, which lost 0.65% to U.S. $81.15 per barrel as of 6.24 p.m. Moscow time according to the ICE Exchange, also contributed to the negative condition of the MOEX Russia Index.
“The uncertainty about the decision that the OPEC+ is to make at a meeting scheduled for Thursday and the possibility that the meeting could be cancelled exerts pressure on the oil market and on the prices of the Russian stocks. At the same time, there are no significant drivers for the prices to either fall or rise today,” she said.
She said that the receipts of online recruiting platform HeadHunter gained 3.54% to 3,597 rubles. Only two days remain until the end of exchange of American Depositary Receipts of HeadHunter Group Plc for the shares of Russian company HeadHunter, and the market expects the procedure to be a success, which would allow the company to list its shares on the Moscow Exchange very soon, Milchakova said.
Below are the MOEX Russia Index’ five most active stocks on Wednesday:
| Company | Change, % | Last price, rbl | Trading volume, bln rbl |
|---|---|---|---|
| Segezha Group | +0.48 | 4.378 | 7.984 |
| Sberbank | -0.84 | 277.57 | 7.472 |
| Mechel | -3.04 | 294.22 | 7.410 |
| Gazprom | -0.91 | 162.71 | 2.489 |
| Surgutneftegas prefs | -0.50 | 59.18 | 2.237 |
(88.6102 rubles – U.S. $1)
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