Gazprom shares have supported the growth in the Russian stock market

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By the middle of the trading day the main Russian stock indices of RTS and Mosberg show uneven improvement in relation to the levels of the previous closing. It should be noted that obviously the deteriorating external background would slide index Mosberg to the nearest important support located in the area of 2250 p. However, this time against the bears was played by internal corporate news.
During the first hour of trading local stocks significantly increased after the ponderous shares of “Gazprom”. A positive role was played by a corrective bounce up in the papers retail trading network “the Magnet”. In General, in the last four trading days we are seeing stabilization of indexes of RTS and Mosberg within fairly narrow ranges.
Medium-term technical picture remains neutral, that does not imply a directional trade “baskets” of Russian shares. In the foreground the opening of speculative positions in individual securities. Fortunately, the market is for this lot of interesting possibilities.
By 15: 00 Moscow time the index of Masuri rose 0.56%. RTS index has grown on 0,22%.
March futures on the RTS index (RIH8) traded in contango value in 3 p., or 0.25 percent, relative to the reference indicator. Futures market participants were once again close to neutral evaluation of the medium-term prospects of the RTS index.
Despite the significant increase of the index of Masuri, most liquid shares traded mixed, irregular a deviation of 1-5% in relation to the levels of the previous closing.
The obvious event of the day in the local market was the sharp morning increase in shares of “Gazprom” (GAZP RM, +2,43%). At the moment the growth of these securities exceeded 4%. The stimulus for such large-scale purchase activity was the news that in the agenda of the absentee meeting of the Board of Directors of the Issuer included the question about the prospects of buyback of shares and GDR “Gazprom”.
Earlier, the Chairman of the Board of gas monopoly Andrey Kruglov has declared that such possibility is unlikely in the next two years. We would not expect that March 5 will be decided on run a generous buyback program of the shares of “Gazprom”. Nevertheless, this news is a good occasion to speculative game in these papers for the next two weeks.
Shares of retail network Magnit (MGNТ RM +5,15%) today grow rather for technical reasons. They unload the accumulated medium-term and long-term oversold. Information about the use of emerging shopping is the message that the new CEO of the retailer Khachatur Pombukhchan last Friday, purchased 12,500 shares of “Magnet” in the amount of 57 million rubles.
As for the long-term prospects for trade network, they seem to be very vague after the unexpected departure from the leadership position of its founder and former major shareholder Sergei Galitsky.
It is worth noting the current weakness of the FIVE securities-GDR (FIVE -5,19%). Today they have renewed their three-week historical minimum on the Moscow exchange. Intraday trading volume in these securities is not comparable with the shares of “Magnet”. However, they had already overtaken in terms of trading less liquid shares in other retail chains: M. Video (MVID RM, -0,32%), Detsky Mir (DSKY RM, -0,06%), Ribbon, etc. (LNTA RM 0.39 per cent), DIXY (DIXY RM, -0,03%).
Currently, the index Mosberg was able to return to the upper part of its intraday range, approaching the level of 2270 p. However, the adverse external environment is a deterrent to further enhance the local market. Output any significant US statistics released today are scheduled. In General, we expect the prices of Masuri near current levels, with moderate growth of less than 1% on the day.
Vitaly Manzhos,
Senior risk Manager,
IK “Nord Capital”