- The dollar-to-ruble rate fell by 1.10% to 61.00 rubles, the euro rate edged up by 0.02%, to 60.92 rubles
According to TASS, Russia's state-owned news agency article published on November 7, 2022, the Russian stock indices showed a confident growth on the first day of the week.
By the end of the trading session on Monday, the MOEX index grew by 2.45% up to 2,208.78 points, the RTS index went up by 4.25% to 1,140.78 points.
The dollar-to-ruble rate fell by 1.10% to 61.00 rubles, the euro rate edged up by 0.02%, to 60.92 rubles.
The surged of prices on the commodity markets that occurred over the past weekend became the main factor for the upward movement.
"As early as Friday, which was a holiday in Russia, commodity prices went into active growth amid some reduction in fears due to the global recession, as well as rumors about China’s withdrawal from the "zero tolerance" policy towards the coronavirus. Brent oil prices were approaching close to the psychological mark of $100," said Alexander Bakhtin, an investment strategist at BCS World of Investments.
At the same time, price optimism in the segment of raw materials may turn out to be unstable, the expert also suggested. "Rumors that the Chinese authorities will soften their anti-COVID policy have not been confirmed. Moreover, new quarantine restrictions have been introduced today, including in Beijing," he said.
Economic statistics at the beginning of the week was mixed. Industrial production in Germany in September grew by 0.6% month-on-month, which is significantly better than the forecast of +0.2%, as well as the same indicator for the previous month (-1.2%). At the same time, China published weak data on the trade balance at the end of October, Bakhtin said.
On Monday, shares of Rosneft were the leader of growth (+4.2%). "The Board of Directors this Friday will make a decision on dividends for 9 months of 2022. Earlier, head of Rosneft, Igor Sechin, said that financial results form a reliable basis for interim dividends and growth in payments for the year, which increases the chances in favor of a positive decision," Yevgeny Linchik, head of the department of alternative investments of the Pervaya management company, said.
Among the outsiders are the shares of the Detsky Mir retailer (-10%). "The decrease is due to the decision of the board of directors of the company to consider reorganization into a private company," the expert added.
According to BCS World of Investments’ estimates, on November 8, the MOEX index will be within the range of 2,100 - 2,225 points, the forecast range for the dollar-ruble pair is 60.5-62.5 rubles.
