Sign in Subscribe
Gas industry

Russian Stocks Plummet on Oil Price Decline and Lack of Buyers

Strategic Insights

— 1 min read

Russian stocks slumped on the final trading session of 2008, following a decline in oil prices. The blue chips were heavily influenced by the dip in oil prices, with few buyers on the market. The RTS and MICEX indices both registered significant declines, with the RTS index dropping 0.07% to 625.01 points and the MICEX index falling 0.53% to 614.53.

Key Takeaways:

  • Russian stocks were significantly affected by the decline in oil prices, with the blue chips following the trend lower.
  • The lack of buyers on the market contributed to the decline, with state-owned Vnesheconombank (VEB) also showing limited participation.
  • Leaders in the advancers' list included Lukoil, Mosenergo, and Transneft, which rose 0.3%, 1.7%, and 0.4% respectively.
  • Decliners included Gazprom, MMC Norilsk Nickel, Rostelecom, and Rosneft, which dropped 1.4%, 1.2%, 1.5%, and 0.6% respectively.
  • Second-tier stocks on MICEX also experienced significant decline, with Magnit, TGK-5, and VSMPO-Avisma falling 4.2%, 2.5%, and 1.5% respectively.
  • Advancers in the second-tier stocks included TGK-10, Mosenergosbyt, Novolipetsk Iron & Steel Company, and Avtovaz's preferred shares, which rose 6.5%, 4.5%, 4.4%, and 7% respectively.
  • As of 10:45 a.m., the total volume of trading on the RTS and MICEX was $0.025 million and 0.55 billion rubles.

Statistics:

  • The RTS index dropped 0.07% to 625.01 points.
  • The MICEX index fell 0.53% to 614.53.
  • The total volume of trading on the RTS was $0.025 million.
  • The total volume of trading on MICEX was 0.55 billion rubles.
  • Gazprom was the leading advancer on MICEX, with a volume of 0.293 billion rubles.

Sources:

  • Interfax
  • RTS (Russian Trading System) market data
  • MICEX (Moscow Interbank Currency Exchange) market data

Read more