RUSSIAN FINANCIAL MARKETS IN DECEMBER 2015

E. Gorbatikov and Elizaveta Khudko
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E. Gorbatikov: Gaidar Institute for Economic Policy

Russian Economic Development, 2016, issue 1, 10-16

Abstract: December 2015 saw crude oil prices plunge, hitting 2008 lows. This pushed down the MICEX Index (5.7%) and all sector indices (except transport and chemical industries) and Russian blue-chip stocks (except VTB). MICEX average daily turnover and capitalization was down 7.8% and 7.7%, respectively, compared with the previous period under review. Norilsk Nickel removed LUKOIL from the list of top 3 stocks of MICEX daiy turnover. Investors continued to withdraw from Russia-focused mutual funds. The Russian corporate bond market slumped amid adverse external conditions, not leading to a seasonal market rally. Nevertheless, the key indicators such as corporate bond market volume and index saw moderately positive dynamics; investors and issuers activity remained at high level. An increase, small though it was, in the weighted average yield rate of bond issuances and worsening of the problem with Russian bonds that default were the key adverse factors.

Keywords: Financial Markets; Russian Economy (search for similar items in EconPapers)
JEL-codes: G1 G15 G3 (search for similar items in EconPapers)
Date: 2016
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