Russian stock market hits 17-month high as oil prices surge
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Russia’s ruble-based MOEX index exceeded 3,000 points, marking its highest level since February 22, 2023, the day before Moscow launched its military operation in Ukraine, local media reported.
The index was 0.7 per cent higher at 3008.61 points on Friday. Since the beginning of 2023, the MOEX has increased by about 40 per cent. The stock market has demonstrated consistent growth since a collapse following the announcement of partial mobilisation in September, 2022.
Analysts told Russian business daily Kommersant that the rally had occurred due to a dropping ruble, rising oil prices, and the dividend policy of the country’s corporate sector. Experts expect the MOEX index to reach 3,500 points by the end of the year, RT reported.
In the latest trading session, shares in LUKOIL, Rosneft, Tatneft, Gazprom Neft, and Surgutneftegaz were among the major oil companies that demonstrated solid growth. Sberbank stocks rose by 0.6 per cent, the strongest among firms in the financial sector.
Meanwhile, Brent crude oil, a global benchmark for Russia’s main export, was up 1 per cent at $83.72 per barrel, nearing a three-month high and supporting Russian stock indexes.
Russia’s national currency, the ruble, edged lower to trade at about 90 against the greenback, nearing its lowest point since April 2022, RT reported.
