The ruble-based MOEX Russia index closed flat at 3,212 on Wednesday, as investors digested mixed earnings results. MOEX (3.7%), Severstal (2.3%), and Transneft (1.6%) led the gains, with the latter recording a 48.5% growth in its net income yoy for the H1 of 2023. Also, Lukoil rose by 1.2% thanks to a 62% increase in the net profit the first half of this year compared to the same period of 2021. On the other hand, PIK (-1.5%), Gazprom (-0.6%), and Magnit (-0.4%) all declined amidst poor performance. The profit of the oil and gas giant fell by 7.8% yoy to 330.996 billion rubles in the first six months of 2023 due to the loss of European market.
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 2023.
The MOEX Russia Index is expected to trade at 3043.03 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 2724.46 in 12 months time.