In contrast, the Moscow exchange’s MICEX index, calculated in rubles, rose 23 % last year. Although the price of oil has fallen below 2009 levels, the impact on the ruble-denominated index has been softened by the adjustment of the ruble’s exchange rate. The ruble’s weakening has supported the profitability of export firms despite falling prices for oil and other commodities. Revenues of export firms are mainly denominated in foreign currencies, while most of their spending is in rubles. Moreover, the sub-index for state-owned enterprises was up 31 % last year, beating the MICEX overall. Finance was an above-average-performing category, while metals clearly underperformed the MICEX average.
The year’s trading volume on the Moscow stock exchange contracted slightly last year to 9.4 trillion rubles, about half the peak level of 2011, but still above the 2013 nadir.
Russia’s main share indices and the oil price