3:24 PM
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RUSSIAN equities swung between gains
and losses as oil, the nation’s chief export earner, climbed and
concern Europe’s debt crisis may not be tamed pared appetite for
riskier assets.
The Micex Index dropped less than 0.1 percent to 1,530.17 by 10:48 a.m. in Moscow after rising 0.2 percent earlier. Of the 50 stocks in the gauge, 20 fell, four were unchanged and 26 rallied. The dollar-denominated RTS Index increased less than 0.1 percent to 1,604.10.
Crude oil added 0.1 percent to $96.74 a barrel in New York. Crude and natural gas account for about 50 percent of Russian government revenue. European Central Bank President Mario Draghi heads a meeting of policy makers in Frankfurt as euro-area leaders gather for a summit in Brussels.
OAO Sberbank, the nation’s largest lender, was steady at 106.90 rubles. The bank’s January net income rose 9 percent from a year earlier to 31.8 billion rubles, the lender said in a website statement.
OAO Aeroflot, Russia’s biggest airline carrier, added 2.9 percent, the biggest gainer. OAO Magnit, Russia’s largest food retailer by market value, dropped 0.8 percent, the sharpest decline on the Micex.
Euroclear Bank SA announced it will start direct settlement of ruble-denominated government debt today, opening the $100 billion so-called OFZ market to foreign investors.
Equities won’t be Euroclearable until July 2014 because officials are concerned an increase in outside investors will hurt liquidity, Oksana Derisheva, deputy director of the primary market at the exchange, said in an interview on Nov. 16 in Moscow.
The Micex trades at about 5.7 times estimated earnings and has added 3.8 percent this year. That compares with a multiple of 10.3 times for the MSCI Emerging Markets Index, which has gained 0.7 percent over the same period.
The Micex Index dropped less than 0.1 percent to 1,530.17 by 10:48 a.m. in Moscow after rising 0.2 percent earlier. Of the 50 stocks in the gauge, 20 fell, four were unchanged and 26 rallied. The dollar-denominated RTS Index increased less than 0.1 percent to 1,604.10.
Crude oil added 0.1 percent to $96.74 a barrel in New York. Crude and natural gas account for about 50 percent of Russian government revenue. European Central Bank President Mario Draghi heads a meeting of policy makers in Frankfurt as euro-area leaders gather for a summit in Brussels.
OAO Sberbank, the nation’s largest lender, was steady at 106.90 rubles. The bank’s January net income rose 9 percent from a year earlier to 31.8 billion rubles, the lender said in a website statement.
OAO Aeroflot, Russia’s biggest airline carrier, added 2.9 percent, the biggest gainer. OAO Magnit, Russia’s largest food retailer by market value, dropped 0.8 percent, the sharpest decline on the Micex.
Euroclear Bank SA announced it will start direct settlement of ruble-denominated government debt today, opening the $100 billion so-called OFZ market to foreign investors.
Equities won’t be Euroclearable until July 2014 because officials are concerned an increase in outside investors will hurt liquidity, Oksana Derisheva, deputy director of the primary market at the exchange, said in an interview on Nov. 16 in Moscow.
Lowest Valuations
The Market Vectors Russia ETF, the largest dedicated Russian exchange-traded fund, dropped 0.3 percent to $30.65 yesterday. The RTS Volatility Index, which measures expected swings in the stock futures, decreased 0.2 percent today to 20.22. The number of shares traded on the Micex was 13 percent below the 10-day average, data compiled by Bloomberg show.The Micex trades at about 5.7 times estimated earnings and has added 3.8 percent this year. That compares with a multiple of 10.3 times for the MSCI Emerging Markets Index, which has gained 0.7 percent over the same period.
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