The Russian market closed the week in different directions - Get to know Forex

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The Russian market closed the week in different directions


The Russian market closed the week in different directions. Thus, the Moscow Exchange index fell 0.15% to 3855. The RTS added 0.45% on the back of the strengthening of the Russian currency, ending the trading session at 1635 points. The ruble rose 0.28% against the dollar, ending Friday at 74.53. The dollar index has been declining for two days in a row after refreshing three-month highs in the middle of the week. Brent prices have consolidated above $ 75 per barrel, however, by the end of the week they showed a slight decline. This was facilitated by a reduction in US inventories, which has been going on for seven consecutive weeks and brought the volume of oil in storage to the lowest level since February 2020. In general, traders did not dare to open positions before the weekend, given the volatility of the stock markets in the previous days. Investors have been keeping an eye on the spread of the new coronavirus strain Delta, which threatens the global economic recovery. The notable decline in Rostelecom shares (-2.8%, prefs -4.1%) was caused by the dividend cut-off. In addition, securities of Polyus (-3%), Yandex (-2.7%) and NOVATEK (-1.5%) fell in price. The leaders of growth were Severstal (+ 4%), MMK (+ 3.8% ), NLMK (+ 3.3%) and ALROSA “(+ 2.4%). Shares of metallurgists on Friday rushed up against the background of higher prices for industry products. In the coming days, MMK and NLMK will publish reports for the first quarter, which may give an additional impetus to the rise in securities prices. This week, stocks may begin a cautious recovery amid improving sentiment on global stock exchanges. However, this can be prevented by several factors at once, including the uncertainty surrounding the OPEC + deal and the increased risks of a pandemic .__________________ Alexander Kuptsikevich, Lead Analyst, FxPro


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