The Russian stock market is trading without enthusiasm

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The Russian stock market began trading Tuesday with a moderate decline. After midday, the major indices show only minor changes, and the index Mosberg trying to stay in the green zone, adding symbolic of 0.10%. RTS, meanwhile, under slight pressure on the background of the retreat of the ruble from 2-week highs reached recently. Oil Brent deal cheaper, also limiting the activity of buyers in the domestic market.
NLMK has published financial results for the second quarter of 2018.
The company’s revenue for the same period increased by 11% QoQ. EBITDA increased by 13% due to the expansion of spreads and sales growth. Net profit grew by 16% QoQ and 70% – in annual, where the considerable role played by the depreciation of the ruble and the growth in operating profit.
“Nornikel” has presented mixed results. In the first half of the production of Nickel increased by 1%, while for the second quarter the index of production decreased by 9%. The volume of Nickel production from its own raw materials also fell, by 8% compared with the first quarter. After the publication of the report quotes “Norilsk Nickel” cheaper by less than 1 percent.
Given the external background where investors refrained from active purchases awaiting the outcome of a U.S. Federal reserve meeting in the near future is unlikely to count on a surge of enthusiasm in the domestic market. However, the steel sector is showing signs of loss of growth momentum and corrective signals. Under these conditions, the major indices of the Russian Federation, most likely, will continue to consolidate close to the current values.
Igor Kovalyov,
InstaForex companies group