Russian stock market grows cautious

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The Russian stock market began trading Thursday in the moderate growth and the afternoon continues to consolidate at the achieved levels. The major indices jumped at external positive where the European courts play a productive meeting trump and cadets. Further attempts recovery of oil quotations also support domestic assets. Index Mosberg and RTS increase in the range of 0.5%, not daring to more robust growth due to sediment from the threat of new sanctions from the United States. The dollar/ruble trampled under the mark of 63 RUB, trying to determine the vector of further movement.
“Magnit” has published financial results for the second quarter that inspired investors on purchases, despite mixed indicators. Net profit of the retailer for the accounting period decreased by 21.5% yoy. Revenue increased by 6.5%. Net profit for the first half fell by 14.4%, while revenue for the same period grew 7.2%. Quotes “Magnet” are the leaders of growth, ballyroe almost 4%.
Almost 2.5% added shares of “NOVATEK”, continuing to win back the positive reporting. The company in the second quarter, increased EBITDA by 57% due to increased sales and higher prices of oil. Quarterly profit under IFRS jumped 10-fold, from 3.2 billion to 32 billion while That increase was mainly due to the recognition of significant non-cash exchange rate differences on loans to group and joint ventures, denominated in foreign currency.
Further dynamics of the domestic market will largely depend on the external background, which affect the second half of the day the outcome of the ECB meeting – cautious rhetoric Draghi will keep the interest for risk. Investors will also continue to monitor the sentiment in the commodity segment, where the quotes of Brent are testing the mark 75, the more expensive the fifth day in a row. At the moment the upward bias of the Russian indexes is not in danger.
Igor Kovalyov,
InstaForex companies group