The Russian equity market as well as rouble demonstrated a positive dynamics last week mainly on the back of a continuation of the oil price rise. Additional support came from strong reports for some of the blue-chip companies.
The Russian equity market and the ruble edged down despite a small uptick in oil prices. Statements of the Federal Reserve on the high likelihood of the rate hike in June led to a selloff in global markets by the end of the week, and impacted negatively the Russian market as well.
The Russian equity market and the ruble stayed virtually unchanged in a short 4-day work week. Slightly positive dynamics was mainly related to the oil price bouncing on the back of statistics from the US which demonstrated a decline in inventories.
In a 3-day workweek in the middle of traditional spring holidays in Russia, the Russian equity market and the ruble declined following the oil prices retreat.
The Russian equity market demonstrated positive dynamics last week mainly due to oil price growth, which, after an initial decline on the back of the news that the Doha meeting yielded no results, reversed losses and performed strongly towards the end of the week.
The Russian equity market continued growing following the oil prices, which demonstrated a modest increase as investors around the world were waiting for the meeting in Doha which could potentially result in an oil output freeze.
The Russian equity market renewed its growth on the back of a recovery in oil prices. The latter surged over 8% after the release of statistics on the US oil market, which revealed that the rig count dropped to a 2009 low, oil production continued to decline, while crude oil inventories declined more than forecasted.
The Russian equity market declined amidst a decline in oil prices. The ruble depreciated against EUR following this trend, but strengthened against USD mostly due to USD weakness triggered by dovish Fed statements.