The ruble-based MOEX Russia Index erased early losses and closed 0.7% higher at 2,150 on Wednesday, notching its third session in the green with support from energy and tech stocks as investors awaited domestic inflation figures to be released shortly after the closing bell. Tatneft shares jumped over 3% and led the oil sector higher as flows to Central Europe via the Druzhba pipeline resumed after Hungarian MOL settled the transit fees. Support for the company was also due to the announcement that its board of directors will meet to decide on dividends next week. On the other hand steel producing giants Severstal, NLMK, and Mechel were all down over 1%. The MOEX rose nearly 100 points since Friday’s plunge, brought by the since postponed announcement that foreign investors would be allowed in the Russia equity market again.
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 August of 2022.
The MOEX Russia Index is expected to trade at 1861.19 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 1384.18 in 12 months time.