The Russian stock market rose for a second consecutive day on Wednesday, August 19, driven higher by gains across major industrial and mining equities.
Trading data from the Moscow Exchange showed the market pushed past the 2,150-point mark during the main trading session before closing higher across all principal benchmark indices.
The ruble-denominated MOEX index gained 1.13 percent by the end of main trading to close at 2,172.38 points. The yuan-denominated MOEX index rose 2.39 percent to reach 805.25 points, while the dollar-denominated RTS index climbed 1.17 percent to end at 803.89 points.
Mining giant Nornickel led the market higher with a 4.4 percent rise in its share price. Steelmaker MMK added 4.2 percent, gold producer Polyus advanced 3.9 percent, and steel manufacturer Severstal gained 2.6 percent.
Not all equities shared in the rally. Shares in diamond miner Alrosa fell 1.8 percent, maritime shipping group Sovcomflot dropped 1.5 percent, and retail company X5 declined by 1.5 percent.
Market analyst points to oil rally
Natalia Milchakova, lead analyst at Freedom Global, said the market increase occurred because a correction was already due. She noted that the rebound was further supported by international crude oil prices soaring above 91 dollars a barrel during the trading session.
The Moscow Exchange serves as Russia's main financial marketplace, operating trading platforms for equities, bonds, derivatives, and foreign currencies. Its primary benchmark, the ruble-denominated MOEX index, tracks the performance of the largest publicly traded Russian companies, while the RTS index monitors the same equity market calculated in US dollars.
Commodity and natural resource companies hold substantial weight on Russian equity indices. Nornickel is a global leader in palladium and nickel production, Polyus is Russia's largest gold mining firm, and MMK and Severstal are among the nation's premier steel producers whose earnings depend heavily on industrial metal market trends.
The companies whose shares declined on Wednesday represent other key sectors of Russia's economy. Alrosa is the world's largest diamond extraction company by volume, Sovcomflot operates Russia's major commercial fleet for energy transport, and X5 Group is one of the country's dominant food retail operators.
