The MOEX Russia Index closed at the flatline at 2,207 on Friday, remaining around two-month lows following yesterday’s 7.3% drop, as investors continued to assess the health of the Russian business climate after Gazprom abandoned dividend payments from record-setting revenue levels. The state-backed natural gas giant fell 7%, extending yesterday’s 30% plunge. Shortly before the closing bell, Nord Stream AG, Gazprom’s subsidiary, announced that flows through the Nord Stream pipeline will halt for a week and a half due to repairs. The pipeline has been operating at 40% capacity, spurring Western leaders to accuse Russia of weaponizing energy supplies. On the other hand, the oil sector rebounded sharply from yesterday’s declines. Confidence in the sector remains robust compared to natural gas, as exports to Asia offset shunned demand from European purchasers. Rosneft rose 3.5%, while Lukoil closed 1% higher.
Historically, the MOEX Russia Index reached an all time high of 4292.68 in October of 2021. MOEX Russia Index - data, forecasts, historical chart - was last updated on July of 2022.
The MOEX Russia Index is expected to trade at 1969.89 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1622.64 in 12 months time.