Russian Stock Market Falls Amid Falling Oil Prices

Strategic Insights -

Russian stock market bulls were thwarted by falling oil prices, leading to a decline in the MICEX and RTS indices. Despite gains in Europe and Wall Street, the Russian stock market failed to rally, with the MICEX index closing down 0.4% and the RTS index falling 2.3%. Key losers included major energy companies such as Gazprom, Lukoil, and Rosneft, while smaller companies like Gazprom Neft and Polyus Gold managed to gain.

Key Takeaways:

  • The MICEX stock index closed down 0.4% at 1690.82, its session high being 1716.94.
  • The RTS index fell 2.3% to 788.9.
  • Large energy companies such as Gazprom, Lukoil, and Rosneft declined by 1.3%, 0.6%, and 0.4% respectively.
  • Gazprom Neft, Polyus Gold, and Tatneft prefs were notable gainers, rising by 0.6%, 1.4%, and 1.3% respectively.
  • Transaero shares corrected down 24.6% after soaring nearly 40% the previous day on news of Aeroflot's acquisition plans.
  • Shares in Aeroflot itself fell by 3.8%.

Statistics:

  • Trading volume on the Moscow Exchange's main floor was 32.13 billion rubles.
  • 10.197 billion rubles were traded in Sberbank ordinary shares.
  • Gazprom Neft shares gained 0.6% to close at 45.50 rubles.
  • Polyus Gold shares rose 1.4% to close at 97.60 rubles.
  • Tatneft prefs rose 1.3% to close at 18.85 rubles.

Sources:

  • Interfax, September 2