The Russian stock market is holding back due to falling oil

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On Thursday the Russian stock market negative sentiment prevails. RTS is reduced from the opening session of solidarity with the ruble, which started the dollar beyond the level of RUB 63 Index Mosberg trying to determine the direction, losing a quarter of a percent after several vain attempts to gain a foothold in the growth zone. The external environment and the situation on the oil market, do not have to buy. Brent crude is getting cheaper, could not help over level 72.
MMK reported financial results for the first half. The group’s net profit according to IFRS for the reporting period increased almost 25% year on year. Revenue increased by 16%, EBITDA – by 33.4%. Free cash flow almost doubled, and the debt was $521 million After the publication of the indicators quotes MMK traded with an increase of 0.6%.
Papers “Rosneft” added in 0.3%. The Russian company signed a contract with the Polish Grupa Lotos crude oil supply to Poland until the end of 2020. Press release of “Rosneft” says that the volume of supplies within the stipulated period will be from 6.4 to 12.6 million tons. Grupa Lotos is one of the largest oil and gas companies of Poland.
Cautious mood of investors on foreign exchanges hinder the strengthening of the index Mosberg, though the benchmark feels limited pressure due to the weakening of the ruble. If the currency will remain under pressure, as external background does not deteriorate in the near future, the index may return to their original positions and even a little stronger until the end of today’s session. Increased international attention now focused on the upcoming Bank of England meeting tomorrow and markets will focus on the statistics on the us labor market.
Igor Kovalyov,
InstaForex companies group